APRA releases latest data on operations of private health insurers

The Australian Prudential Regulation Authority (APRA) has released its latest Operations of Private Health Insurers Annual Report.

Covering the financial year 2022-23, the report shows expenses, revenues, and operational information about Australia's private health insurers. Specifically, it delved into:

• premiums and other amounts payable to the fund
• fund benefits and other amounts payable out of the fund
• management expenses
• the balance of the fund as at the end of the year
• how the assets of the fund have been invested

Key figures

The report revealed that the Australian private health insurance industry had a total revenue of $28,325,062,000 for the financial year 2022-23.

Among private health insurers, Medibank Private Limited had the highest revenue in the given financial year, with a total of $7,141,120,000. It was followed by Bupa Australia Pty Limited with $6,855,508,000 and Hospitals Contribution Fund of Australia Limited (HCF) with $3,806,397,000.

Focusing on fund benefits, the report revealed total fund benefits of $22,632,625,000 for the same period. Medibank had the highest total fund benefits ($5,794,789,000), followed closely by Bupa ($5,376,625,000) and HCF ($3,214,924,000).

The report also showed that the Australian private health insurance industry's total expenses for the financial year 2022-23 was $ 3,026,821,000. Medibank had the highest total expenses ($537,461,000), followed again by Bupa ($723,855,000) and HCF ($423,648,000).

See the rest of the details of the report on the APRA website, which already recently published the latest general insurance institutional-level statistics for general insurers (level 1), general insurance groups (level 2), and Lloyd's Australia.