Bonitas Medical Fund announced exceptional 2025 financial results – reporting its highest surplus in history with strong emphasis on sustainability, exceptional investment returns and membership growth in a stagnant market.
The Scheme, the second largest open medical scheme in the country, reported growth in membership for the third consecutive year with principal members increasing by 2.92% to 369 186 .- and total membership announced at 792 330. This was buoyed by a surplus of R1,8 billion, the highest in Bonitas 44-year history.
“We are the only medical scheme with a footprint across South Africa – including across all market sectors. The growth we have seen is testament to our sector-specific engagement strategy which has shown positive results in corporates, local government as well as mining and manufacturing, which speaks to the diversity of our product offering,” said Vurhonga Rikhotso, Chief Financial Officer of the Scheme.
The South African healthcare ecosystem is complex, dynamic and sensitive to disruption. In this environment, Bonitas remains steadfast in broadening access to healthcare, maintaining affordability and meeting our fiduciary duties to members. Our sustainability relies on membership growth, investment returns, strategic purchasing and effective Fraud, Waste and Abuse measures.
The medical aid industry, guided by the Council for Medical Schemes, agreed to rename certain line items on the financial statements to make these more relevant to members. Bonitas took this mandate seriously in preparing their financials for the 2025 year.
“Medical scheme reserves are the funds set aside by schemes to maintain their ability to pay members’ claims, even during times of financial strain. They act as a financial safety net that protects you when healthcare costs rise or when the scheme faces unforeseen challenges. We are pleased to see this increase to R10.8 billion in 2025, as this reinforces our drive to act in the best interests of our members at all times,” Rikhotso said.
Bonitas performance was bolstered by exceptional investment results with strong investment returns derived from the South African equity market performing at a record high of above 40% return. This accounted for R2.6 billion in 2025 – 86% higher than the previous year (R1.4 billion). This was attributed to a revitalised investment strategy with 54% of asset managers for the Scheme outperforming industry benchmarks.
In terms of claims profile, Bonitas reported that the overall hospital admission rate for 2025 was 0.4% lower than in 2024 – largely due to the Scheme attracting a healthier demographic. The top 10 high-cost cases for the Scheme amounted to R50.9 million with 98% of these claims covered in full. Hospital tariff negotiations played a key role for the Scheme with R566 million saved for members.
The company shared the following key results:
- Principal members 369 186 (2024: 358 717)
- Total lives covered 792 330 (2024: 731 576)
- A surplus of R1.8 billion (2024: R133.9 million)
- Liability to members for future benefits (previously reserves) of R10.8 billion (2024: R9.0 billion)
- A solvency ratio of 36,9% – well above the regulatory requirement of 25%
- An AA+ credit rating
- Claims ratio decreased by 1.6% to 94.3% (2024: 95.9%)
- An exceptional reduction in deficit recorded of R382 million for 2025 (2024: R966 million)
“These strong financial results for Bonitas 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, says Rikhotso. “It also gives the Scheme greater flexibility to be able to invest further in innovative healthcare solutions that work for all South Africans. We are ideally positioned for growth and sustainability for the years to come.”
Click Integrated Report to access the Bonitas Medical Fund 2025 Integrated Report.
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