The Exeter said that within its 2024 figure, income protection and life insurance claims, which includes terminal illness, made up around £17.7m.
The firm also paid out around £41.8m in health insurance claims across the period.
The company said 90% of all new private health insurance claims were paid by the firm in 2024, with the primary reasons being musculoskeletal and connective tissue disorders.
The Exeter said that where claims could not be paid, the main reason was due to claims made during the policy moratorium period.
Looking at income protection, around 93% of new income protection claims were paid, with 1,091 claims coming from members.
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The average age claiming on its Income First product was 38 and the average length of the claim was 76 weeks for a full-term income protection policy and 75 weeks for limited benefit policies.
The primary reason for income protection claims was musculoskeletal conditions, followed by mental health and hip or knee conditions.
The Exeter paid around 100% of life insurance and terminal illness claims in 2024, with £5.2m paid to members.
The average age of members for these types of claim was 57 for life insurance and 56 for terminal illness.
Isobel Langton, The Exeter’s CEO, said: “No one wants to be in a position where they need to make an insurance claim – especially when the claim is due to ill health, injury, or the loss of a loved one.
“Our latest claims figures highlight the valuable peace of mind that insurance can provide and also reflects our ongoing commitment to supporting our members when they most need us.”
Earlier this year, the firm appointed Suzy Esson as its chief operating officer.
