Dentists’ Provident delivers resilient performance in challenging market
NewsPosted by: Dental Design 15th April 2024
The 2023 annual report from Dentists’ Provident, a leading income protection provider for dental professionals, shows that the Society, once again, performed strongly.
Dentists’ Provident distributed £7.5 million as bonuses to its members and paid £5.2 million in claims last year.
“Dentists’ Provident has skilfully navigated a challenging year and I am very pleased with these results. Our continued strength lies in putting our members at the heart of everything we do and doing what is right, not only for our current membership, but also for future generations,” says Giles Kidner, Chairman of Dentists’ Provident.
In 2023, the Society paid out sickness claims of £5.2million, with a new claims paid ratio of 99%. The number of Covid related claims fell significantly bringing sickness claims back in line with where we were before the pandemic.
The Society’s interest and loyalty bonus rates remain unchanged and the mutuality dividend for Income Security Plan holders rising by 11%.
“We manage our business conservatively. Our solvency position remains strong and we have worked hard to keep our costs under control despite inflationary pressures and without compromising our service or the quality of our plans,” 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 24th May 2024, where all members are invited 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 2023 Annual Report visit: https://www.dentistsprovident.co.uk/media/1865/annual-report-2023.pdf
