The Australian Prudential Regulation Authority (APRA) has released its latest annual data on private health insurers.
The report is based on data collected by the Private Health Insurance Administration Council (PHIAC) and APRA in the course of regulation of the industry. It covers registered private health insurers' expenses, revenues, and operational information for the financial year 2020-21 (FY2020-21).
For FY2020-21, the private health insurance sector's total revenue hit $26.4 billion, total fund benefits $21.9 billion, total expenses $2.5 billion, and surplus (deficit) after tax of $1.5 billion.
Among all private health insurers, Medibank Private Limited had the highest total revenue, with $6.7 billion. Meanwhile, BUPA Australia Pty Limited was just shy of first place with $6.6 billion total revenue. They were followed by Hospitals Contribution Fund of Australia Limited with $3.3 billion total revenue, NIB Health Funds Limited with $2.3 billion, and HBF Health Limited with $1.7 billion.
By contrast, CBHS Corporate Health Pty Ltd had the lowest total revenue, with $4,241,000.
Focusing on assets, Medibank Private Limited also had the highest total assets, with $3.5 billion. BUPA Australia Pty Limited followed closely with $3.0 billion.
Meanwhile, Hospitals Contribution Fund of Australia Limited, HBF Health Limited, and NIB Health Funds followed the two companies' footsteps again with total assets of $2.9 billion, $2.1 billion, and $1.2 billion, respectively.
By contrast, Cessnock District Health Benefits Fund Limited recorded the lowest total assets, with $12,637,000.