A re-energised investment strategy has helped power HBF to a sharp profit rise as WA’s biggest private health insurer emerged from a protracted technology upgrade into what it reckons will be a “defining” period in its history.

The mutual on Friday disclosed a more than tripled annual surplus of $131.2 million - up from $44.2m - that largely reflected a modest rise in revenue to a record $2.32 billion and a 32 per cent jump in its investment returns to $99.9m.

Having parked cash in the past few years to support the $300m-plus overhaul of its technology systems, the insurer “re-risked” its typically conservative investment settings over the 2025 financial year, deploying the funds back into higher-returning growth asset classes such as shares.

The IT revamp has positioned HBF, founded in

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