nib announces full-year financials

nib announces full-year financials | Insurance Business New Zealand

nib announces full-year financials

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

AU$229.7 million

AU$177.5 million

Underlying operating profit

AU$204.9 million

AU$146.9 million

Statutory operating profit

AU$186 million

AU$114.9 million

Profit before tax

AU$231 million

AU$121.8 million

Net profit after tax

AU$160.5 million

AU$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). AU$211.8 million came from arhi in terms of UOP; AU$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 AU24¢ cents per share.