nib New Zealand premium revenue was up 9.6% to $87.6 million, while claims expenses increased 17.8% to $62.4 million.
nib New Zealand chief executive Rob Hennin said the first-half result was pleasing with the New Zealand business performing to expectations.
“A highlight of the New Zealand result was the significant improvement in underlying operating profit, which was up almost 200% on the same period last year to $8.4 million,” he said.
“We also added more than 21,000 net new customers to our business, primarily through our acquisition late last year of OnePath Life NZ book of policyholders and our own organic growth efforts.
“We expect policyholder growth to track positively for the remainder of the year due to our continued investment in advertising and marketing, as well as a renewed effort to re-enter the group health insurance market.”
Hennin said 50% of all health insurance in New Zealand was sold via employer groups, and nib had been historically under-represented in this market segment.
“Traditionally, our business has been very strong in the financial adviser space and more recently the direct-to-consumer market. While we will continue to concentrate on these channels, we now have a renewed focus on gaining a larger share of the group market,” Hennin said.
nib has developed a suite of new products specifically designed for the group market, which are supported by an online employee wellness program called MyHealth HQ.
“We have spent a considerable amount of time and effort understanding what employers and their employees want from their health insurance partner. Providing great value health insurance is just one piece of the value proposition, but just as importantly employers want a partner to help manage the health and wellness of their workforce,” Hennin said.
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