Dentists’ Provident delivers strong annual results in volatile market
NewsPosted by: Dental Design 19th April 2023
The 2022 annual report from Dentists’ Provident, a leading income protection provider for dental professionals, shows that the Society performed strongly in an unpredictable and volatile year
Dentists’ Provident distributed £7.3 million as bonuses to its members and paid £5.6 million in claims last year.
“Dentists’ Provident has skilfully navigated a challenging year and I am proud to present these results. Our results are also part of a deeper story about a well-considered mix of empathy and diligence in our claims process and an underwriting process that places a premium on quality rather than quantity. With all the personal, professional and financial challenges our members have faced over the last few years, we have tried to remain one of the few things in their lives that is reliable and consistent,” says Giles Kidner, Chairman of Dentists’ Provident.
In 2022, the Society paid out £5.6m on a total of 1,849 claims, with an admirable new claims paid ratio of 99.1%. The Society’s loyalty bonus remains unchanged at 15% and the annual interest rates for the various plans remained unchanged, at between 4% and 5%.
Farrukh Mirza
“We have our members’ interests at heart and manage our business conservatively. Despite the inflationary pressures, our total net operating expenses in 2022 were lower than in 2019. Our investments also performed well in a difficult market. Our results are a testament to the strength of our strategy and the business model, and the talent of our people,” says Farrukh Mirza, CEO of Dentists’ Provident.
The annual report, published this week, will be presented for approval at the Annual General Meeting. This will be held at Dentists’ Provident’s Head office on Friday 26 May at 2pm, where all members are invited for an opportunity to have their say on important matters affecting their Society.
As a member-owned and led mutual, Dentists’ Provident’s sole objective for over 110 years has been helping dental professionals achieve financial security during periods of illness or injury.
To find out more or read the full 2022 Annual Report visit: https://www.dentistsprovident.co.uk/media/1822/annual-report-2022.pdf
