Business

Southern Cross profit sinks

Not-for-profit health insurer Southern Cross Medical Care Society posted an annual deficit as a rising number of claims for specialist procedures and prescriptions outpaced higher premiums from a bigger customer base. 

The Auckland-based insurer posted a deficit of $13.3 million in the year ended June 30, compared to a surplus of $6.2 million. Its net claims bill rose 9.2 percent to $906.6 million, wh

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