Southern Cross has reported a 81% drop in annual surplus as an increase in claims outpaced rising premiums.
'The Auckland-based mutual posted a surplus of $6.8 million, down from $35 million a year earlier when relatively flat claims led to a jump from a $5.8 million surplus reported in 2015. Income from premiums rose 6% to $923 million, the fourth year in a row that premium income has risen by about 6%. That outpaced a 4% increase in membership to 853,160 members.'
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