Westfield Health’s insurance business continues to grow as gross written premiums increased almost 5% to £80.8m in the year to March.
This helped group revenue to top £105m, a 7% improvement on the previous year.
This is the first time in Westfield Health’s 106-year history that sales have reached nine-figures and marks a more than 80% rise since 2018 when revenue stood at £57m.
The Sheffield-based health and wellbeing provider reports that it has 590,000 policyholders, a quarter more than it did in 2022.
Westfield Health’s wellbeing business saw trading income increase 17% to £23.7m, year-on-year, and gross profit rising by more than a quarter, although this figure has not been disclosed.
Building the future
Group reserves grew slightly to £72.9m from £71.6m in 12 months, which has allowed Westfield to continue reinvesting in technology and strategy to build long-term growth.
This has included continuing its investment in Westfield Health’s insurance infrastructure, which saw the launch of Evolve, a digital health cash plan platform, in April.
The group has also moved into the US corporate wellbeing market for the first time.
On the philanthropic side of the group, Westfield Health donated a total of £1.53m in organisations including Weston Park Cancer Charity, the Dame Kelly Holmes Trust, the British Transplant Games and Baton of Hope.
This was more than double the £572,000 pledged last year.
Digital first
Dave Capper, chief executive at Westfield Health, said: “Passing £100m is an important milestone, but what matters is the strength of the business we’ve built to get there.
“We’ve invested heavily in the systems, platforms and capabilities that underpin our insurance business, and in how we work with brokers and employers’ day to day. That investment gives us a strong foundation for the next 10 years.
“Evolve is the clearest example of that progress. We haven’t simply built a new front end; we’ve rebuilt the insurance platform underneath it.
“For brokers, that means being able to price a personalised package in minutes, manage an entire portfolio in one place and access live data for their client’s board reporting without having to chase us for information.
“That’s what a digital-first Westfield Health looks like, and it’s the direction we’re taking across the wider business.”