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HBF forecasts $115m full-year loss

The state's largest health insurer HBF is forecasting a loss of $115 million for the 2009 financial year but says it has strong financial reserves, accumulated during recent years, to weather the financial downturn.

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Capel
Can someone please explain to me why a health benefit fund set up to benefit its members, i.e., it's not a for-profit corporation, needs to have reserves of $549 million? The bottom line is that, had HBF held just $50 million of reserve funds, then a 20% loss would have cost its members just $10 million, not the $130 million loss as reported today.

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HBF

WA Revenue

1st-CBH Group$3.48bn
2nd-HBF$1.71bn
3rd-St John of God Health Care$1.71bn
4th-RAC$743.5m
5th↑WAMMCO$380.0m
57 not for profit businesses ranked by WA revenue most recent financial year

Number of Employees

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