Dentists’ Provident paid out £5.4m on a total of 1,190 claims and approved 98.9% of new claims last year. In 2020 it paid £5.9m in claims and approved 96.4% those it received.
The society also distributed £6.9m in bonuses to members in a “resilient” year, according to the group’s 2021 annual report, although this was down slightly from £7.3m in bonuses in 2020.
Most claims were made by individuals aged between 46 and 55, with 53% and 39% of claims coming from men and women from this age group respectively in 2021. This compares with 47% men and 45% women from this age group in 2020.
For women, musculoskeletal conditions were by far the biggest source of illness or injury, accounting for almost a third of all claims. This was followed by other conditions which were responsible for a quarter of claims.
For men, other unclassified conditions was the highest source of claims (25%) but this was followed closely by mental health which rose from 19% of claims in 2020 to 22% last year.
“Encouragingly, it appears that the worst of the pandemic is now behind us all, however recent events have reminded us that it is not yet over,” the mutual said.
“The emergence of the Omicron variant in late November last year caused further disruption to the dental profession and a marked uptick in our claims experience.
“Despite this, claims in the year for infectious and communicable diseases fell as a proportion of total claims compared to 2020,” it added.
Premium income unchanged
The mutual maintained the loyalty bonus paid to leaving members at 15% and the annual interest rates for the various plans remained unchanged at between 4% and 5%, it said.
Overall, the group produced a surplus of almost £20m for the year, compared to a deficit of £289,000 in 2020, with a total investment income, including unrealised gains, increasing to £27.7m from £6.1m the previous year.
Due to a range of technical changes, including the increased final dividend declared for the income security plan, the group charged an additional £3.5m to the technical reserves compared to £1.1m in 2020.
The provider’s premium income and net operating expenditure remained largely unchanged.
In 2021 the provider posted earned premiums of £13.63m, down marginally from £13.64m in 2020, while net operating expenditure before depreciation was cut from £3.5m in 2020 to £3.4m in 2021 and claims decreased from £5.9m to £5.4m in 2021.
Giles Kidner, chairman of Dentists’ Provident, said: “I am very pleased to report that we have once again delivered a resilient performance, despite the ongoing pandemic. Our results are a testament to the robustness of our strategy and business model, and the talent of our people.
“We know how the impact of the pandemic continued to be felt by dental professionals in their daily lives last year. Many are still working tirelessly to catch up, while facing more worries, illness and financial uncertainty from restrictions in the way they practice.”
Farrukh Mirza, CEO of Dentists’ Provident, (pictured) added: “This past year, our members have shown incredible strength despite the longevity of the ongoing situation.
“By being flexible, approachable and supportive, we have tried to be one of the few things in their lives that have not become more complicated as a result of the pandemic.”
The group also revealed that at its annual general meeting on 27 May all directors standing for election were successful, including Matt Payne who joined the board in November 2021.