It’s the turn of health insurance company nib Group to reveal how it fared in the 12 months to June 30 (FY21), and it’s good news all-round.
Here’s how nib performed in the full year:
|
Result |
FY21 |
FY20 |
|
Underlying underwriting result |
$229.7 million |
$177.5 million |
|
Underlying operating profit |
$204.9 million |
$146.9 million |
|
Statutory operating profit |
$186 million |
$114.9 million |
|
Profit before tax |
$231 million |
$121.8 million |
|
Net profit after tax |
$160.5 million |
$87 million |
Broken down, nib’s Australian residents health insurance (arhi) and New Zealand segments contributed positively to the group’s underlying operating profit (UOP). $211.8 million came from arhi in terms of UOP; $24.1 million from NZ. Both figures represent an increase from the previous year.
International inbound health insurance (iihi) and nib Travel, on the other hand, were hit with losses UOP-wise. It was an improvement for nib Travel, though, following the harder beating it took in 2020.
“Neither FY21 nor FY20 can be considered ‘normal’ given fluctuation in healthcare utilisation and claims experience,” commented nib managing director Mark Fitzgibbon, who also cited the group’s strong progress in relation to its payer-to-partner strategy.
“A high level of provisioning in our accounts for deferred claims especially caused a substantial decline in FY20 UOP while our FY21 claims experience has turned out better than expected.”
Meanwhile, the insurer declared a full-year dividend of 24 cents per share. Additionally, nearly 600,000 eligible nib members in Australia will be receiving premium relief in the form of a one-off COVID credit. The new initiative translates to $15 million of claims savings being returned to members.
