Major South African medical aid is rocking

Bonitas Medical Fund has announced its strongest financial results to date, as membership and investment growth surged in 2024.

Bonitas has revealed its results for the year ended 31 December 2024, which showed the medical aid giant’s strongest financial results to date.

In its 2024 financial year, Bonitas grew its membership to 731,576 beneficiaries, securing its place as the second-largest open medical scheme in South Africa. 

The company also delivered a 13.4% return on investment of members’ contributions, which is nearly double the 7.7% achieved the previous year and well above the strategic target of CPI plus 3.5%.

The company further reported reserves of R9 billion, solvency of 38.6%, hospital tariff savings of R532 million, and managed care and strategic purchasing savings totalling R901.1 million.

Bonitas CFO Vurhonga Rikhotso said these results serve to reaffirm Bonitas’ position as a leading player in South Africa’s healthcare sector.

“This strong financial result for Bonitas as a scheme allows us to continue to absorb healthcare cost pressures and keep contributions as affordable as possible, while ensuring that our members receive quality care, when they need it,” he said. 

The company explained that these strong results come despite a challenging operating environment, particularly in South Africa’s healthcare industry.

Local medical aids face rising healthcare inflation and ongoing uncertainty around the rollout of the National Health Insurance Bill.

Looking ahead, Bonitas said its focus remains firmly on finding smarter ways to deliver affordable, high-quality healthcare. 

This includes investing in technology-driven solutions, expanding its managed care programmes for chronic conditions and leveraging partnerships to ensure that members receive the best possible value for their contributions.

“Healthcare affordability will remain under pressure in the years ahead, but we are proud that, as Bonitas, we’ve not only met the challenges of the past year but are well positioned to meet whatever the future brings,” Rikhotso said.