Latest news with #RHI
Yahoo
27-06-2025
- Business
- Yahoo
RHI Magnesita and BPI, Inc. Announce Strategic Joint Venture to Accelerate Circular Economy Initiatives in North America
TAMPA, Fla., June 27, 2025--(BUSINESS WIRE)--RHI Magnesita, the leading global supplier of high-grade refractory products, systems, and solutions, and BPI, Inc., a renowned US based leader in minerals processing, including refractory raw materials and specialty products, are pleased to announce a transformative joint venture to expand circular economy initiatives and accelerate sustainability across North America. The strategic partnership combines RHI Magnesita's (RHIM) global refractory expertise with BPI, Inc.'s (BPI) robust US infrastructure, local sourcing, and technical processing capabilities. This collaboration is set to create a powerful platform for innovation in circular raw material processing and recycling. It aims to significantly enhance the sustainability of the refractory industry, which is essential to the production processes for cement, steel, aluminum, and many other industrial producers in the North America region. Key Highlights of the Joint Venture: Proximity to customers: with a combined 20 plant locations across PA, OH, MO, NC, AL, CA, IN, OK, and Canada, RHI Magnesita and BPI are strategically positioned close to customers, allowing for the delivery of locally sourced products and solutions, effectively shortening supply chains. Enhanced portfolio: the combined companies possess technical and analytical services, expanded access to high-quality domestically sourced circular raw materials, and expert sales teams who offer customized solutions, from raw materials to finished goods. Innovation & sustainability: advanced, in-house R&D teams will collaborate to explore and develop state-of-the-art solutions that will improve safety, endurance, and efficiency, while decreasing the collective carbon footprint. The newly announced partnership represents an innovative move toward enhancing sustainable refractory solutions while also providing a strategic platform for the sourcing of domestic refractory raw materials in North America. "This joint venture is more than a partnership; it's a bold step toward redefining industry standards for sustainable sourcing and material recovery," said Craig Powell, Regional President, North America, RHI Magnesita. "We are excited about the future and look forward to supporting our customers with expanded capabilities that will forge new solutions for safety and efficiency while reducing environmental impact." Joe Quigley, BPI President, also shared, "At BPI, we are committed to providing high-quality mineral products. Partnering with RHIM will expand our portfolio and enhance our efforts to offer circular solutions. We are excited about the progress our combined companies will achieve for a better future." The joint venture is subject to customary closing conditions and is expected to be completed in H2 2025. About RHI Magnesita RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 65 main production sites (including raw material sites), 12 recycling facilities and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects. The Group is listed within the Equity Shares (Commercial Companies) category ("ESCC") of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more information please visit: About BPI, Inc. BPI, Inc. is an U.S.-based leader in mineral processing, including refractory raw materials and specialty mineral products, serving the steel, foundry, aluminum, and cement industries. With advanced processing facilities and a strong focus on sustainability, BPI, Inc. is at the forefront of innovation in material recovery and recycling and is a trusted partner to its customers. BPI operates 7 recycling facilities, 1 office and in-house R&D lab across 5 states, including PA, OH, AL, IN, and OK with approximately 100 employees. View source version on Contacts Media:Ryan KirbyTel 908-499-9121E-mail: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
23-06-2025
- Business
- Business Times
Surge in claims drags some Integrated Shield insurers into the red; higher premiums expected
[SINGAPORE] A double-digit surge in claims is putting pressure on the profitability of Integrated Shield Plan (IP) insurers, raising the spectre of more premium hikes. For six IP insurers, net claims surged by between 9 and 27 per cent last year, due to medical cost inflation and higher claims particularly among older policyholders. Four out of seven IP insurers posted underwriting losses in 2024. Those in the red were Income Insurance, Singlife, HSBC Life and Raffles Health Insurance (RHI). The only one to show a decline in net claims – of 18 per cent – was RHI. General manager Ben Siah said that RHI takes 'a disciplined approach to adjudicating claims, ensuring that claims paid out are reasonable and customary'. 'Continued discipline will be increasingly important due to the persistently high inflation in medical claims costs,' he added. Income went from an underwriting profit of S$16.1 million in 2023 to a loss of S$49.5 million in 2024 despite raising premiums across the board last year. The insurer said that its premium adjustments were introduced gradually from the third quarter, and it would take time for the impact to be fully reflected. Income's 2024 IP performance was hit by higher claims costs due to medical inflation, 'higher incidence and severity rates due to an ageing population, and a backlog of claims from 2023 caused by delayed processing by medical institutions that flowed into 2024'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Singlife's losses deepened from S$26.2 million in 2023 to S$59.7 million in the following year. Helen Shen, Singlife group head of products, noted that it made a provision in 2024 'based on (its) worsening claims experience'. 'This allows us to better manage our financial position in the short term and our financial resilience in the long term.' The standout is Prudential, whose underwriting profit more than doubled from S$11.4 million in 2023 to S$25.3 million in 2024. Prudential was the first in the market with claims-based pricing in 2017, which has apparently helped to rein in the overconsumption of healthcare. Prudential chief health officer Sidharth Kachroo observed that product design, such as co-payment and claims-based premium pricing, 'has been important in encouraging the mindful use of healthcare services'. 'Customers who don't make any claims enjoy premium discounts at their next policy renewal and we have received feedback that they appreciate this discount,' he noted. Great Eastern's (GE) IP portfolio reversed from a loss of S$44.9 million in 2023 to a profit of S$4.8 million in the following year. AIA was also profitable last year at S$7.2 million, though the underwriting profit was lower than the S$12.7 million previously. AIA said: 'While we observe some changes in our underwriting profits from the previous year, it's important to view this within the context of our substantial portfolio, which exceeds S$900 million in premiums. Our overall profitability levels remain relatively consistent between the two periods.' Like other insurers, it cited medical cost inflation, but also singled out 'hospital and facility-related charges'. At least three insurers are raising premiums. For Singlife, the adjustment is across its portfolio by an average of more than 10 per cent. HSBC Life's adjustments for 2025 apply to its private-hospital base plans and riders, 'in line with industry standards', said the company's chief health officer Manu Tandon. Prudential is raising premiums for two private-hospital riders. AIA and RHI said that they are still reviewing their options. It could not be confirmed if GE is raising premiums. Increasing medical costs Based on Mercer Marsh Benefits' survey of insurers in 55 markets, the medical trend rate – defined as the year-on-year increase in claims – puts the expected 2025 rate for Singapore at 11 per cent, lower than the Asia average of 13 per cent. Asia's trend rate is pushed up by outliers such as the Philippines (21 per cent) and Indonesia (19 per cent). Aon's expected medical trend rate for Singapore, net of domestic inflation, is 11.5 per cent in 2025. Public-hospital bills are not spared from claims inflation. Prudential said: 'We have seen an upward trend in the number of claims and average bill sizes from both public and private hospitals over the last few years. This trend continued in 2024, where the volume of claims increased by over 15 per cent from 2023.' Alex Lee, president of the Singapore Actuarial Society, said that as a product category, long-term medical insurance is running at 'near break-even' for the IP insurers taken in aggregate, based on returns filed by insurers with the Monetary Authority of Singapore. 'If medical cost continues to rise, insurers will have no choice but to raise premiums because there is hardly any pricing buffer left in the rates being charged if premiums are not raised,' he added. 'Macro factors such as a shortage of medical professionals, supply-chain disruptions, and medical innovations are systemic issues faced by all consumers of healthcare, and therefore all insurers. Switching of insurers does not shield policyholders from these macro factors.' A GE spokesperson noted that the insurer's profit margin is just 0.8 per cent of earned premiums, but that medical inflation exceeded 10 per cent. 'Therefore, an upward adjustment in premiums is inevitable, but raising premiums alone is not the solution. The bigger challenge is addressing medical inflation driven by a mindset of 'buffet syndrome' consumption, which is why we are continuously refining our product proposition to encourage more conscious consumption among customers in terms of their treatment choices,' the spokesperson said. GE recently took the market by surprise when it temporarily halted the issuance of pre-authorisation certificates for policyholders seeking admission into two hospitals – Mount Elizabeth and Mount Elizabeth Novena. The insurer said that based on its like-for-like comparison, bill sizes at these two hospitals were 20 to 30 per cent higher than at other private hospitals. GE said of its return to profitability: 'The annual review of our IP premiums has contributed to the improved financial performance of our IP portfolio, supported by premium revisions made (last year), more disciplined annual reviews of premiums, and efforts to reduce distribution expenses.' Last year, it rolled out two riders designed to encourage 'conscious consumption', where the S$3,500 deductible is not covered. 'As healthcare costs continue to climb, fostering a more mindful approach to healthcare consumption will be key to ensuring long-term sustainability and affordability for all policyholders,' the spokesperson noted. Singlife's Shen said that the firm has already raised premiums this year 'across (its) portfolio by an average of over 10 per cent for increased healthcare consumption'. The insurer has also implemented some initiatives, including working closely with medical providers to manage claims costs 'through negotiated fees and pre-agreed treatment packages'. 'This approach helps keep overall bill sizes in check while ensuring policyholders receive quality healthcare without unnecessary financial strain,' said Shen. She added that the firm also introduced no-claims discounts of up to 20 per cent for eligible policyholders 'to encourage healthy lifestyles and responsible healthcare usage'. Insurance advisory Havend's chief executive Eddy Cheong said that higher premiums are a 'foregone conclusion'. 'Policyholders need to be realistic about their healthcare expectations… If this trend (of higher premiums) continues, more seniors will downgrade or give up their IP to fall back on to MediShield Life,' he observed. 'Considering this, you should first weigh your healthcare expectation with your financial ability in IP decision-making, more so for retirees and those transiting into retirement. Even within the same hospital benefit level, the premium rates can range widely across the seven IP insurers.' Its compilation of lifetime premiums for private-hospital IPs range between S$360,000 to S$900,000, including riders. 'Hence, you should also find out what additional benefits your IP plan is offering you to justify the additional premium.'
Business Times
23-06-2025
- Business
- Business Times
For Integrated Shield Plan insurers, raising premiums should be a last resort
[SINGAPORE] That medical inflation is on the rise is not surprising, nor that it outstrips overall inflation by three or four times. But what I found sobering in my perusal of Integrated Shield Plan (IP) insurers' accounts is the strong double-digit increases in net claims. The data points were extracted from insurers' 2024 returns filed with the Monetary Authority of Singapore. For six IP insurers, net claims rose by between 9 and nearly 28 per cent in 2024, compared to 2023. This suggests bill sizes and claims are rising at a clip far faster than medical inflation, estimated at 10 to 11 per cent. The exception was Raffles Health Insurance (RHI), whose net claims fell by 18 per cent. RHI entered the IP market around 2018, and likely has the smallest policyholder base. On the face of it, the factors driving the surge in claims are also obvious. The biggest culprit is cost inflation due to salaries and advanced medical treatments including more sophisticated screening technologies, among other things. Second is an ageing population who use healthcare more frequently and intensely. Third is over-charging by private hospitals. Great Eastern's (GE) temporary suspension of pre-authorisation certificates at two Mount Elizabeth Hospitals is symptomatic of this. GE has said its own like-for-like comparison shows bill sizes at the two facilities are 20 to 30 per cent higher than other private hospitals. Fourth is wastage, which is not transparent and surely, not insubstantial. Mercer Marsh Benefits' survey of 225 insurers across 55 markets hints at this. Among Asian respondents, 'inefficient and wasteful care' (68 per cent) is the third-biggest concern, after 'high-cost claimants' (87 per cent) and new cancer therapies (74 per cent). BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Asia's medical trend rate – defined as the year-on-year increase in claims – is projected at 13 per cent for 2025, higher than the global average of 10.9 per cent. Singapore's medical trend rate is 11 per cent. Rising claims have taken a toll on IP insurers' profitability. Four of the seven IP insurers are in the red, and some have begun to raise premiums this year. Given that IP insurer's profit margins are thin, higher premiums may well be inevitable. But with the frequency of premium hikes to date, it should be a last resort and not the first lever to pull. Already, measures are in place to curb over-consumption, including claims-based pricing by some insurers. Insurers should also take a hard look at costs – both internal and external. These include management and distribution expenses. A pattern of outsized bills sizes is another red flag. GE's suspension of pre-authorisation certificates has provoked an outcry, but I applaud them for taking action to dampen over-charging. Insurance, after all, is a risk-pooling mechanism. Less than 20 per cent of policyholders in an IP risk pool makes a claim in any single year, as the Singapore Actuarial Society pointed out in a paper on IP portability last year. They dutifully pay premiums and suffer premium rises. There is a greater benefit for the entire risk pool when charges are reined in for the sake of more sustainable premiums in the long run. Left unchecked, escalating premiums may well force people out of IPs altogether, which would neither benefit them nor the risk pool itself.
Business Times
22-06-2025
- Business
- Business Times
Surge in claims drag some Integrated Shield insurers into the red; higher premiums expected
[SINGAPORE] A double-digit surge in claims is putting pressure on the profitability of Integrated Shield Plan (IP) insurers, raising the spectre of more premium hikes. For six IP insurers, net claims surged by between 9 and 27 per cent last year, due to medical cost inflation and higher claims particularly among older policyholders. Four out of seven IP insurers posted underwriting losses in 2024. Those in the red were Income Insurance, Singlife, HSBC Life and Raffles Health Insurance (RHI). The only one to show a decline in net claims – of 18 per cent – was RHI. General manager Ben Siah said that RHI takes 'a disciplined approach to adjudicating claims, ensuring that claims paid out are reasonable and customary'. 'Continued discipline will be increasingly important due to the persistently high inflation in medical claims costs,' he added. Income went from an underwriting profit of S$16.1 million in 2023 to a loss of S$49.5 million in 2024 despite raising premiums across the board last year. The insurer said that its premium adjustments were introduced gradually from the third quarter, and it would take time for the impact to be fully reflected. Income's 2024 IP performance was hit by higher claims costs due to medical inflation, 'higher incidence and severity rates due to an ageing population, and a backlog of claims from 2023 caused by delayed processing by medical institutions that flowed into 2024'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Singlife's losses deepened from S$26.2 million in 2023 to S$59.7 million in the following year. Helen Shen, Singlife group head of products, noted that it made a provision in 2024 'based on (its) worsening claims experience'. 'This allows us to better manage our financial position in the short term and our financial resilience in the long term.' The standout is Prudential, whose underwriting profit more than doubled from S$11.4 million in 2023 to S$25.3 million in 2024. Prudential was the first in the market with claims-based pricing in 2017, which has apparently helped to rein in the overconsumption of healthcare. It is the largest IP insurer with more than 1.2 million lives covered. Prudential chief health officer Sidharth Kachroo observed that product design, such as co-payment and claims-based premium pricing, 'has been important in encouraging the mindful use of healthcare services'. 'Customers who don't make any claims enjoy premium discounts at their next policy renewal and we have received feedback that they appreciate this discount,' he noted. Great Eastern's (GE) IP portfolio reversed from a loss of S$44.9 million in 2023 to a profit of S$4.8 million in the following year. AIA was also profitable last year at S$7.2 million, though the underwriting profit was lower than the S$12.7 million previously. AIA said: 'While we observe some changes in our underwriting profits from the previous year, it's important to view this within the context of our substantial portfolio, which exceeds S$900 million in premiums. Our overall profitability levels remain relatively consistent between the two periods.' Like other insurers, it cited medical cost inflation, but also singled out 'hospital and facility-related charges'. At least three insurers are raising premiums. For Singlife, the adjustment is across its portfolio by an average of more than 10 per cent. HSBC Life's adjustments for 2025 apply to its private-hospital base plans and riders, 'in line with industry standards', said the company's chief health officer Manu Tandon. Prudential is raising premiums for two private-hospital riders. AIA and RHI said that they are still reviewing their options. It could not be confirmed if GE is raising premiums. Increasing medical costs Based on Mercer Marsh Benefits' survey of insurers in 55 markets, the medical trend rate – defined as the year-on-year increase in claims – puts the expected 2025 rate for Singapore at 11 per cent, lower than the Asia average of 13 per cent. Asia's trend rate is pushed up by outliers such as the Philippines (21 per cent) and Indonesia (19 per cent). Aon's expected medical trend rate for Singapore, net of domestic inflation, is 11.5 per cent in 2025. Public-hospital bills are not spared from claims inflation. Prudential said: 'We have seen an upward trend in the number of claims and average bill sizes from both public and private hospitals over the last few years. This trend continued in 2024, where the volume of claims increased by over 15 per cent from 2023.' Alex Lee, president of the Singapore Actuarial Society, said that as a product category, long-term medical insurance is running at 'near break-even' for the IP insurers taken in aggregate, based on returns filed by insurers with the Monetary Authority of Singapore. 'If medical cost continues to rise, insurers will have no choice but to raise premiums because there is hardly any pricing buffer left in the rates being charged if premiums are not raised,' he added. 'Macro factors such as a shortage of medical professionals, supply-chain disruptions, and medical innovations are systemic issues faced by all consumers of healthcare, and therefore all insurers. Switching of insurers does not shield policyholders from these macro factors.' A GE spokesperson noted that the insurer's profit margin is just 0.8 per cent of earned premiums, but that medical inflation exceeded 10 per cent. 'Therefore, an upward adjustment in premiums is inevitable, but raising premiums alone is not the solution. The bigger challenge is addressing medical inflation driven by a mindset of 'buffet syndrome' consumption, which is why we are continuously refining our product proposition to encourage more conscious consumption among customers in terms of their treatment choices,' the spokesperson said. GE recently took the market by surprise when it temporarily halted the issuance of pre-authorisation certificates for policyholders seeking admission into two hospitals – Mount Elizabeth and Mount Elizabeth Novena. The insurer said that based on its like-for-like comparison, bill sizes at these two hospitals were 20 to 30 per cent higher than at other private hospitals. GE said of its return to profitability: 'The annual review of our IP premiums has contributed to the improved financial performance of our IP portfolio, supported by premium revisions made (last year), more disciplined annual reviews of premiums, and efforts to reduce distribution expenses.' Last year, it rolled out two riders designed to encourage 'conscious consumption', where the S$3,500 deductible is not covered. 'As healthcare costs continue to climb, fostering a more mindful approach to healthcare consumption will be key to ensuring long-term sustainability and affordability for all policyholders,' the spokesperson noted. Singlife's Shen said that the firm has already raised premiums this year 'across (its) portfolio by an average of over 10 per cent for increased healthcare consumption'. The insurer has also implemented some initiatives, including working closely with medical providers to manage claims costs 'through negotiated fees and pre-agreed treatment packages'. 'This approach helps keep overall bill sizes in check while ensuring policyholders receive quality healthcare without unnecessary financial strain,' said Shen. She added that the firm also introduced no-claims discounts of up to 20 per cent for eligible policyholders 'to encourage healthy lifestyles and responsible healthcare usage'. Insurance advisory Havend's chief executive Eddy Cheong said that higher premiums are a 'foregone conclusion'. 'Policyholders need to be realistic about their healthcare expectations… If this trend (of higher premiums) continues, more seniors will downgrade or give up their IP to fall back on to MediShield Life,' he observed. 'Considering this, you should first weigh your healthcare expectation with your financial ability in IP decision-making, more so for retirees and those transiting into retirement. Even within the same hospital benefit level, the premium rates can range widely across the seven IP insurers.' Its compilation of lifetime premiums for private-hospital IPs range between S$360,000 to S$900,000, including riders. 'Hence, you should also find out what additional benefits your IP plan is offering you to justify the additional premium.'
Business Standard
20-05-2025
- Business
- Business Standard
Eris Lifesciences gains after Q4 PAT climbs 32% YoY to Rs 94 cr
Eris Lifesciences added 1.22% to Rs 1,461 after the company's consolidated net profit jumped 32.1% to Rs 93.84 crore on 28.4% increase in revenue from operations to Rs 702.60 crore in Q4 FY25 over Q4 FY24. Profit before tax (PBT) climbed 67.9% YoY to Rs 128.87 crore in Q4 FY25. During the quarter EBITDA stood at Rs 252 crore, up 70% compared with Rs 148 crore posted in same quarter last year. EBITDA margin expanded to 35.8% in Q4 FY25 as against 26.9% in Q4 FY24. Revenue from domestic branded formulation (DBF) business jumped 25% YoY to Rs 602 crore in Q4 FY25. The organic base grew 10% to Rs 529 crore, while revenue from Biocon -2 stood at Rs 73 crore during the period under review. The company reported 22% organic growth in overall insulin revenue to Rs 300 crore despite significant product shortage in RHI throughout the year. On full year basis, the companys consolidated net profit declined 10.3% to Rs 351.84 crore on 44.6% increase in revenue from operations to Rs 2,879.26 crore in FY25 over FY24. On guidance front, for FY26, the company projects an annual revenue addition of Rs 200300 crore to its overall insulin franchise, beginning October 2025, driven by the insourcing of insulin production at its Bhopal facility. This strategic move is expected to significantly enhance its insulin portfolio. In DBF business, the company anticipates revenue growth of 15% to 21%, translating to revenues in the range of Rs 2,9003,050 crore. EBITDA for the segment is projected between Rs 1,070 crore and Rs 1,130 crore, with EBITDA margins maintained around 37%. Additionally, the company expects revenues from its Swiss Parentals division to range between Rs 375- 390 crore reflecting a growth of 1520%. EBITDA for this segment is estimated between Rs 130 crore and Rs 135 crore, with an EBITDA margin of approximately 35%. The company plans to expand Eris-AMD, its new injectable facility, with a capital expenditure of Rs 100- 200 crore in FY26. Eris Lifesciences is an Indian pharmaceutical company and a leading player in the domestic branded formulations market. The company is engaged in the manufacturing and marketing of pharmaceutical products.
