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Positive financials once again for the MDA National Group

Mon 13 November 2006

MDA National has posted another successful financial performance for the 2005/06 year as it continues to build on the solid foundations established in previous years.

MDA National has posted another successful financial performance for the 2005/06 year as it continues to build on the solid foundations established in previous years. Posting Group Net assets of $71.4 million in 2006 (2005: $53.5m; an increase of 33%), the MDA National Group has reaffirmed its commitment to securing the long term viability of the Group through sound financial management.

MDA National CEO, Mr Peter Forbes said that the financial results were evidence of the success of the MDA National Group's approach to financial management.

"Sound financial management on behalf of our Members is our number one priority. Since 2002 we have had a deliberate strategy of steady capital accumulation to secure the long term financial viability of the Group. We are now in a very strong position within the medical indemnity marketplace.

"A key to our financial stability has been to ensure that appropriate subscriptions and premiums are charged inorderto have sufficient funds available to continually meet the needs of our Members, as well as improve the benefits available to them".

As a mutual organisation the activities of MDA National and the business operations of its subsidiary MDA National Insurance are constantly focused on continuing to deliver benefits to its Members, through appropriate subscriptionsandpremiums, sound underwriting, rigorous claims management, efficient client services and access to risk management services and programmes.

Highlights for 2005/06

  • Net assets: up 33% to $71.4m (2004/05: $53.5m)
  • Net surplus after tax: up 108% to $18.1m (2004/05: $8.7m)
  • Premium and subscription income: up 4% to $52.6m (2004/05: $50.3m)
  • Total Membership: up 15.9% from 2004/05 (236% since 2001/00)

Click here to download and view the 2006 MDA National Annual Report.