APRA reports on operations of private health insurers in 2022

Report covers expenses, revenues, and operational information

APRA reports on operations of private health insurers in 2022

Insurance News

By Roxanne Libatique

The Australian Prudential Regulation Authority (APRA) has released its Operations of Private Health Insurers Annual Report covering the financial year 2021-2022 (FY21-22).

The report shows private health insurers' expenses, revenues, and operational information, such as:

  • Premiums and other amounts payable to the fund;
  • Fund benefits and other amounts payable to the fund;
  • Management expenses;
  • The fund's balance as of the end of the financial year; and
  • How the fund's assets have been invested.

According to APRA, the Australian private health insurance (PHI) industry's total revenue for FY21-22 was $26,289,339 (all figures, including below, in $'000).

Among the insurers, Medibank Private Limited (Medibank or MPL) had the highest revenue, with $6,732,267. It was followed closely by BUPA Australia Pty Limited (BUPA) with $6,527,987, Hospitals Contribution Fund of Australia Limited (HCF) with $3,350,051, and NIB Health Funds Limited (NIB) with $2,289,351.

Focusing on expenses, the report showed that the Australian PHI industry's total expenses for FY21-22 were $2,731,162. This time, BUPA had the highest expenses, with $647,990. It was followed by MPL with $521,054, HCF with $359,922, and NIB with $290,254.

Regarding assets, the Australian PHI industry reported a total of $19,750,997 for the same period, where MPL dominated other insurers by having total assets of $4,090,317. It was followed by BUPA with $3,866,404, HCF with $3,083,266, and HBF Health Limited (HBF) with $2,006,6933.

See the rest of the data on the APRA website. The PHI data follows APRA's latest annual general insurance statistics.

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