nib posts profit
Health insurer nib is focused on building its brand and the direct-to-consumer channel in New Zealand, its managing director says.
Monday, February 23rd 2015, 1:40PM
It today announced a consolidated operating profit for the group of A$42.1 million for the six months to December 31, up 1.7% from A$41.4 million in the first half of the year.
Managing director Mark Fitzgibbon said the result was solid given less than buoyant conditions, heavy competition and industry churn.
The company’s New Zealand business achieved net policyholder growth of 3.3% after a decade of decline, Fitzgibbon said.
It posted an operating profit of $1.3 million, up from $0.5 million in the same period a year earlier.
That was affected by the unique Premium Payback portfolio, a calculated liability based on reimbursing policyholders at some future time the difference between premiums paid and claims made.
Fitzgibbon said the focus in this country was building the business fundamentals, direct channels and improving performance in the group employee and adviser channels.
“It’s still very early days for us in New Zealand and it’s going to take a little time to build the business to the level we aspire. But we remain very confident about its potential and about eventually meeting out investment goals,” he said.
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