Dentists’ Provident paid out sickness claims of £5.2m last year, with a new claims paid ratio of 99%, according to its 2023 annual report.
That compares to 2022 when Dentists’ Provident paid £5.6m in claims, with a new claims paid ratio of 99.1%.
The largest amount Dentists’ Provident paid out to an individual claimant in the past year was £87,800.
The number of Covid related claims fell significantly bringing sickness claims back in line with where they were before the pandemic, Dentists’ Provident said.
The income protection provider for dental professionals also distributed £7.5m as bonuses to its members, up from £7.3m in 2022.
The Society’s interest and loyalty bonus rates remain unchanged and the mutuality dividend for Income Security Plan holders increased by 11%.
Giles Kidner, chairman of Dentists’ Provident, said: “Dentists’ Provident has skilfully navigated a challenging year and I am very pleased with these results.
“Our continued strength lies in putting our members at the heart of everything we do and doing what is right, not only for our current membership, but also for future generations.”
Farrukh Mirza, CEO of Dentists’ Provident (pictured) said: “We manage our business conservatively.
“Our solvency position remains strong and we have worked hard to keep our costs under control despite inflationary pressures and without compromising our service or the quality of our plans.”
The annual report will be presented for approval at Dentists’ Providents’ Annual General Meeting at its head office on 24 May 2024.
