HBF, Australia’s most trusted health insurer, is pleased to announce it has formally acquired Townsville-based health fund Queensland Country Health Fund (QCHF) from Queensland Country Bank.
The acquisition sees QCHF’s entire team of almost 100 employees and approximately 70,000 members join the HBF family. There will be no immediate change to QCHF policyholders’ cover, premiums, or benefits as a result of the acquisition, and they will continue to be serviced from QCHF’s existing locations in Queensland and the Northern Territory.
Dr Daniel Heredia, HBF Executive General Manager Insurance and Health Services, said:
“It’s our great pleasure to welcome both Queensland Country Health Fund’s members and employees to HBF.
“The addition of Queensland Country Health Fund is a significant milestone in HBF’s 82-year history, as it further grows our presence outside of WA in line with our strategy of building economies of scale nationally to maintain high-value health cover as a member-based health fund.
“Through the acquisition, more than one in five members are now outside our home state of WA and we’ve established Queensland as our second biggest market, building on the acquisition of Brisbane-based CUA Health in October 2021.”
Aaron Newman, Queensland Country Bank Group CEO, said:
“This acquisition is a great step for Queensland Country Health Fund.
“Our employees and members will leverage the benefits of HBF’s robust scale whilst continuing to be supported and serviced by an organisation that has a strong cultural alignment and member-first ethos. Similarly, both organisations have a strong track record of delivering excellent health cover outcomes for regional Australians.”
The terms of the acquisition remain confidential.
HBF Media Contact:
Adrian Watson, HBF Corporate Affairs, 0419 040 807 / adrian.watson@hbf.com.au
Anita Vezzaro, Queensland Country Bank, avezzaro@queenslandcountry.bank / 0437 085 328
About HBF
HBF was founded more than 80 years ago in Perth and has provided private health insurance to generations of Western Australians. HBF has expanded to become Australia's second largest not-for-profit health fund, providing hospital and ancillary insurance to approximately 1.1 million members nationwide. HBF is also becoming a more active participant in health services through its physiotherapy business Life Ready, its expanding HBF Dental business, and pharmacy partnerships with TerryWhite Chemmart outside of WA and Pharmacy 777 within WA. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation. Visit hbf.com.au
HBF was awarded Australia's most trusted brand in private health insurance for 2022 by independent research company Roy Morgan.
About Queensland Country Health Fund:
Queensland Country Health Fund (QCHF) was established in 1977 as the MIM Employees' Health Society. Their aim back then was to assist employees of MIM to protect themselves against the potential financial burden of hospital and medical costs. In 1999, Queensland Country Credit Union merged with MIM Employees' Health Society, to form Queensland Country Health Ltd. The health fund was then able to operate as an open health fund under a management contract with Queensland Country Credit Union. Today, Queensland Country Health Fund has worked in conjunction with Queensland Country Bank to meet all insurance and financial service needs of people living in regional Queensland.