The society paid 90.2c in claims for every $1 received in premiums and it has $400 million reserves, "equivalent to around seven months of claims".
The annual report describes the surplus as "small" and highlights that Southern Cross is a not-for-profit society and that it pays 73 per cent of all New Zealand health insurance claims.
Gent expressed concern about the rising cost of healthcare, which he said was an international concern.
The society's affiliated provider programme was its main response, contracting a limited number of surgeons, specialists and facilities to provide procedures at agreed set prices, giving the society some level of assurance that it was getting a good deal and moderating cost rises.
Chief executive Peter Tynan said that programme had now grown to contract 1266 providers in 20 specialties, accounting for 45 per cent of all claims costs.
He cited colonoscopies as an example of the programme's success, cutting annual inflation for procedure costs from 7 per cent in 2011 to only 1.7 per cent in the last financial year.
The society wants to strike more contracts with providers.
"Our aim is to have 60 per cent of all Southern Cross claims through affiliated providers by the end of the next year," Tynan said.
Some specialists complain the scheme has locked them out of providing services to Southern Cross members.
Health spendup
In the June year, Southern Cross paid for:
• $738m of annual claims
• 170,000 surgical procedures
• 781,000 doctors' visits
• 3.1m total claims processed
