nib announces strong operating performance in New Zealand

nib announces strong operating performance in New Zealand | Insurance Business

nib announces strong operating performance in New Zealand

Health insurance company nib New Zealand ended 2019 with a bang as it announced a strong operating performance for the six months to December 31, highlighting the growth of its revenue and earnings.

Rob Hennin, chief executive officer of nib NZ, said 5.7% member growth had driven the results – noting that their business segments grew membership and premium revenue that increased underlying group revenue by 6.4%.

“We’re supporting the better health of more people than ever with 225,536 people currently covered compared to less than 170,000 when we first started in late 2012,” Hennin said.

“This is a great reflection of the growing value we’ve been able to deliver to our members to ensure we’re not only providing financial protection and security but also helping them to navigate the healthcare system and make better healthcare decisions.”

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Hennin said they’re focused mainly on cost containment and reducing the amount that members pay when they require treatment or hospitalisation.

“Our First Choice network, which guarantees zero out-of-pockets for our members, remains a key tool in managing service cost inflation with approximately 95% of claims volume now through a First Choice provider,” he said. “Not only is the network removing unexpected costs for our members, but it’s also helping us to keep premiums affordable – with more than NZ$1.6 million saved in claims costs during the period.”

Tony Ryall, chairman of nib NZ, added: “Our partnership with Ngāti Whātua Ōrākei is a great example of how we are transforming to become more about people’s better health rather than just responding to sickness.”