09/11/2004 - 21:00

MDA Insurance lifts its returns

09/11/2004 - 21:00

Bookmark

Save articles for future reference.
MDA Insurance lifts its returns

Federal Government changes to the insurance market have helped medical indemnity insurer MDA National Group more than double its after-tax surplus and its net assets.

Perth-based MDA dominates the Western Australian medical indemnity market and has a growing share of the national market, with 40 per cent of medical students being MDA members.

It achieved an after-tax surplus of $23.1 million in the year to June 2004, up from $10.8 million in the previous year.

It said Government reforms introduced in 2003 to boost the financial health of the medical indemnity industry contributed $10.3 million to the annual surplus.

Its underwriting result improved to a $29.3 million surplus.

MDA also benefited from a big increase in investment income to $10.8 million, primarily as a result of gains on its listed shares portfolio. The higher surplus helped the group lift net assets to $44.5 million.

“The accumulated net assets of the group are being built to secure the long-term viability of a doctor owned and controlled indemnity provider,” MDA chief executive Peter Smith said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options