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Helping our customers live longer, stronger and healthier lives Vhi Annual Report and Accounts 2018 CONTENTS Board of Directors 4 Executive Management Team 6 Chairman’s Review 10 Operations Review 14 Directors’ Report for the Financial Year Ended 31 December 2018 20 Directors’ Responsibilities Statement 26 Independent Auditor’s Report to the Members of the Voluntary Health Insurance Board 27 Consolidated Income and Expenditure Account for the Financial Year ended 31 December 2018 29 Consolidated Balance Sheet as at 31 December 2018 30 Board Balance Sheet as at 31 December 2018 32 Consolidated Statement of Cash Flows as at 31 December 2018 33 Board Statement of Cash Flows as at 31 December 2018 33 Consolidated Statement of Changes in Equity as at 31 December 2018 34 Consolidated Statement of Comprehensive Income for the Financial Year Ended 31 December 2018 34 Board Statement of Changes in Equity as at 31 December 2018 35 Board Statement of Comprehensive Income for the Financial Year Ended 31 December 2018 35 Notes to the Financial Statements 36 Energy Management and Sustainability 62 Company Details 63 Vhi Annual Report and Accounts 2018 | 1 ZAYRA I went to hospital for an allergic reaction. My mum used Snap & Send to claim on the Vhi app. 2 | Vhi Annual Report and Accounts 2018 Digital Health and Wellness 3,585,200 In 2018 MyVhi users accessed their online accounts over 3.5 million times and the Vhi App was utilised over 710K times. Vhi have partnered with a number of innovative providers to bring a range of telehealth benefits and services to customers including Online Doctor, Nurseline 24/7, Health Screening, One to One Midwife and Mental Health Support. 373,707 3,585,200 SNAP AND MYVHI TOTAL SEND LOGINS APP & WEB CLAIMS 710,300 VHI APP DOWNLOADS 104,890 WEBCHAT TOTAL 9,819 ONLINE DOCTOR CONSULTATIONS Vhi Annual Report and Accounts 2018 | 3 Vhi Board of Directors Liam Downey, Chairman, Celine Fitzgerald, Independent Non‑Executive Director Independent Non‑Executive Director Liam Downey is a former Chief Executive Celine Fitzgerald joined the Board in Ireland of Becton Dickinson, a leading 2010, she is a management consultant global medical technology company. He providing services across a number of was Chairperson of the Health Service sectors. Between 2007 and 2012 she was Executive, President of the Federation of CEO of an Irish‑based, Business Process Irish Employers, a trustee and member Outsourcing (BPO) company. She was of the Board of the Irish Business appointed to the board of Ervia in 2015 and Employers Confederation (IBEC), and has also held a number of senior roles Chairman of the Irish Medical Devices in the telecommunications sector including Association and a member of the Labour eircom and Vodafone. Relations Commission. He is a graduate of University College Dublin, a Chartered Dean Holden, Member of the Institute of Personnel Independent Non‑Executive Director Development and a Fellow of the Irish Dean Holden is an Independent Non Management Institute. Executive Director of the Skin and Cancer Foundation, Australia and is Chair of a Joyce Brennan, a start up organisation in aged care in the UK. In his 29 year executive career at Independent Non‑Executive Director Bupa, he was responsible for the growth Joyce Brennan is an actuary with more and development of its health insurance, than 25 years’ experience. She is an aged care and health services businesses Executive Director with Irish Pensions across Australia and New Zealand He Trust Ltd, chairing boards of trustees of led Bupa’s operations in Australia, New pension funds, to ensure excellence in Zealand, Latin America, Spain, Saudi governance. She is also a Non‑Executive Arabia, Singapore, Hong Kong, the USA, Director of a reinsurance company. Joyce Denmark and Thailand. He held a range has previously worked as advisor to the of senior roles including Group Financial Health Insurance Authority and to the Controller, Managing Director of Bupa’s Department of Health on the regulation Asia Pacific Division, Managing Director of private health insurance, and she has of Bupa’s International Division and chaired the health care committee of the International Markets Division. Born and Society of Actuaries in Ireland. Previous educated in the UK, Dean is a Chartered roles include Director with KPMG and Certified Accountant (FCCA), has completed Principal at Mercer. She has an MBA studies with Oxford University’s Centre from UCD. for Corporate Reputation, as well as the Advanced Management Program at Wharton Business School in the US. 4 | Vhi Annual Report and Accounts 2018 Finbar Lennon, John O’Dwyer, Chief Executive Greg Sparks, Independent Non-Executive Director John O’Dwyer joined Vhi in 2012 from Independent Non-Executive Director Finbar Lennon is a medical graduate of the international Dutch insurance Greg Sparks is a former partner of RSM UCD and did his postgraduate surgical group Achmea where he was the Farrell Grant Sparks. Greg holds a number training in London, Edmonton (Canada) Chief Operating Officer and Executive of Board appointments in the private sector and Dublin. He worked as a consultant Director with responsibility for the both domestically and internationally, general surgeon in Our Lady of Lourdes life, general and health businesses including Digicel and Joe Duffy Motors. Hospital, Drogheda (1983–2012). From in Interamerican, the second biggest Recently he has been appointed as Chair 2009 until 2012 he also worked in insurer in Greece. John has an to VistaMilk SFI Research Centre. Greg has Beaumont and the Mater hospitals in extensive track record in financial served on the Boards of The Irish Times, Dublin as a specialty breast surgeon. services and in particular, the health Jigsaw and eir and chaired the Coombe He was Medical Director in Drogheda insurance sector which included Hospital for a number of years. (1992–1998), Medical Advisor to the roles such as Managing Director of North Eastern Health Board (1997–2004) Friends First Life Assurance, Director Brian Walsh, Director, Finance and a medical advisor to the Secretary of Operations at BUPA Ireland and Brian joined Vhi in November 2014 as General in Department of Health Assistant Chief Executive with Finance Director and was appointed to the (2012–2014). He was a member of the responsibility for Claims in Vhi. He Board in March 2015. Prior to joining Vhi, Professional Conduct Committee of was also non‑executive Chairman of he worked with DPI Specialty Foods Inc., the Pharmaceutical Society of Ireland the Board of the National Treatment Los Angeles, a division of global food and and served on its Practice Development Purchase Fund. ingredients company Ornua. Previously, Committee (2012–2016). He is currently Brian led a successful private equity an honorary lecturer in surgery in UCD Paul O’Faherty, fund, focused principally on continental and participates in the undergraduate Independent Non-Executive Director European markets. He has held Board teaching programme. Paul O’Faherty is an actuary and is a and executive financial and commercial non‑executive director of a number roles in the international financial services, Declan Moran, Director, of companies in the financial services telecommunications and FMCG industries Marketing and Business Development and investment areas. Until 2013 he in Europe and the United States with Declan joined Vhi in 1997 from the was Chief Executive of Mercer Ireland leading companies including Citibank, life and pensions industry and was and Chairman of Marsh McLennan Deutsche Telekom and eir. Brian is a Fellow appointed to the Vhi Board of Directors Companies in Ireland. In his career of Chartered Accountants Ireland, having in 2008. From November 2011 to as a consultant in Mercer, he advised qualified with PwC, and is a Chartered July 2012, he served as Acting Chief the Department of Health for many Director of the Institute of Directors. He Executive, Vhi. He is responsible for years on health insurance matters. holds graduate and post‑graduate degrees Marketing, Vhi’s product portfolio and He is a Fellow and a past President from University College Dublin. the development of new products and of the Society of Actuaries in Ireland. services. Declan Moran has a BSc in He is also a past Chairman of the Irish Computer Science and is a Fellow of the Association of Pension Funds. Institute of Actuaries since 1994. Vhi Annual Report and Accounts 2018 | 5 Executive Management Team John O’Dwyer, Chief Executive John Creedon, Director, Claims John O’Dwyer joined Vhi in 2012 from John Creedon has been a Director of Vhi the international Dutch insurance since 1996 and prior to this he held a group Achmea where he was the Chief number of senior positions within Vhi. Operating Officer and Executive Director John is responsible for the overall service, with responsibility for the life, general and administration and payment of claims health businesses in Interamerican, the in Vhi and he is also responsible for the second biggest insurer in Greece. John management and administration of all has an extensive track record in financial individual and corporate business. John services and in particular, the health has a BSc in Computer Applications insurance sector which included roles such from Dublin City University. as Managing Director of Friends First Life Assurance, Director of Operations at BUPA Aaron Keogh, Managing Director, Ireland and Assistant Chief Executive with Vhi Healthcare responsibility for Claims in Vhi. He was Aaron is responsible for Sales, Retention and also non‑executive Chairman of the Board Customer Service for all of Vhi Healthcare’s of the National Treatment Purchase Fund. Corporate and Individual customers. Aaron joined Vhi in 2003 and has held a wide Dr. Bernadette Carr, Director, range of roles within the organisation Medical, MD, FRCPI, MPH, LFOM primarily leading out Vhi Healthcare’s Bernadette Carr is a physician with award winning sales and customer extensive clinical, research and healthcare service teams as well as a variety of roles management experience.

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