MAS (Medical Assurance Society) has reported a $73.1 million profit for the year ended March 31, 2026, its third consecutive year of profitability. MAS underwrites its general insurance products, including house, contents, car and boat cover, through its subsidiary Medical Insurance Society Limited, alongside a life insurance business and investment products including KiwiSaver.
The mutual's 2026 Annual Report also sets out a 2030 target to become what it calls a "truly Member-first mutual," backed by plans to overhaul technology and advice capability.
Equity rose to $380.5 million over the period, and total assets reached approximately $572 million. MAS also retained its A (Strong) financial strength rating from Standard & Poor's.
The result comes against a backdrop of rising weather-related claims activity across New Zealand's general insurance market. A Wild Weather Tracker report covering the 12 months to 28 February 2026 recorded 46 storms nationally, generating 33,174 storm-related claims, a 256% increase on the 9,324 claims recorded from 29 storms the year prior, with 61% of storms occurring in spring and summer rather than the cooler months typically associated with storm activity.
MAS's own claims exposure to that pattern was visible in January 2026, when the Insurance and Financial Services Ombudsman issued guidance on managing weather-related claim delays as IAG NZ's AMI, State and NZI brands responded to a Northland weather system. The ombudsman's office noted that MAS had begun contacting members it identified as potentially affected by the event, joining other insurers using triage processes developed after earlier major weather events, including Cyclone Gabrielle.
"MAS exists for its Members, not external shareholders, and that gives us the ability to take a long-term view. This year we have continued to build on our financial strength while listening carefully to what our Members are telling us they want from their mutual," said MAS chair Dr Doug Hill.
MAS is one of only two mutual insurers left in New Zealand, serving more than 50,000 professionals and their families.
"FY26 marked our third consecutive year of strong profitability and leaves MAS in an excellent position to invest in the future on behalf of Members," said chief executive Jo McCauley. "Our focus now shifts from building strength to using that strength wisely. We are investing in transforming our business, modernising our technology, strengthening our advice capability and improving how Members can engage with us across every touchpoint," McCauley said.
Some of that investment is already visible. MAS appointed Matthew Ineson as chief transformation officer in April 2026, and in May signed an agreement with SaaS provider OMNIMax to build a custom advice solution for use across its adviser network.
That advice push lands against a documented access gap. A March 2026 Financial Markets Authority review found that only 28% of New Zealanders had accessed financial advice in the previous 12 months, with the regulator flagging room to grow access.
Treasury separately found home insurance premiums rose 40% in the two years to early 2026, and a 2025 Consumer NZ report found insurance now ranks among households' top four financial concerns.
MAS also paid out more than $30 million in life, trauma, disability and total permanent disablement claims during FY26, while Member Funds under management grew by $398 million. The MAS Foundation committed $2.9 million to community health initiatives, with Foundation funding rising to $4 million for the year to support further programmes in FY27.
