About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, January 19th, 11:09AM
rss
Latest Headlines

Profit drop for nib

Nib says growth in the number of policyholders helped propel its revenue up 8.8% to A$215.5 million in the most recent financial year, although it’s been a tough market to operate in.

Wednesday, October 30th 2019, 9:01PM

The nib group turned in a total group profit of A$149.3 million, after tax.

In New Zealand, customer numbers lifted 7.5%. It now has 213,061 policyholders.

Claims expense was up 10.7% and underlying operating profit down 15.4% to A$19.8 million.

“The earnings and performance of our New Zealand business is consistent with our long-term strategy as we deliver more value to members,” it said in its annual report.

“One of the most exciting initiatives we have underway across the nib Group at the moment, is our population health initiative with Auckland iwi, Ngāti Whātua Ōrākei.

“The first programme of its kind, Ngāti Whātua Ōrākei partnered with us as part of its commitment to improve the health and wellbeing of iwi members by providing access to comprehensive private health insurance.

“Through this partnership, the aim is to target better health outcomes and tackle existing barriers Māori experience in the public system such as cost, choice, waiting times and accessibility which have seen them experience the poorest health outcomes within the New Zealand health system. Based on the success of this programme, we have bold plans to expand to other populations and at-risk communities both in New Zealand and Australia.”

Nib said part of its business strategy was to amplify its investment in growing its New Zealand business.

Managing director Mark Fitzgibbon said market conditions were challenging.

“On the back of actual claims growth, premiums continue to rise while household disposable incomes remain static and competition for discretionary consumer spending is fierce.”

But he said there was more need for insurance than ever.

“In Australia, New Zealand and across the entire OECD healthcare spending generally is expanding at twice the rate of GDP and we’ll need more private funding and delivery to relieve pressure on public financing.”

Tags: health insurance insurance nib

« Fidelity: Profit down as claims upDealer group decides to close its doors »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Southern Cross launches advisory group
Southern Cross Health Society has announced the establishment of a Māori governance advisory group in a first for New Zealand’s health insurance sector.

HealthLink and Konnect NET to merge
Healthcare technology companies HealthLink and Konnect NET are merging.

Fidelity scores top award for third consecutive year
Fidelity Life has been named 2019 Life Insurance Company of the Year by ANZIIF for the third consecutive year.

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

News Bites
Latest Comments
  • Partners Life criticises Vitality
    “bay broker good points but I get the point about premiums increasing when sick. I have Vitality personally and I have qualified...”
    2 days ago by taka dan
  • Don't hold your breath for life insurance reform
    “That's a good observation from @JPHale there. "2% of sales" has even less meaning when you don't know if it's 2% of premiums...”
    2 days ago by Denis
  • Partners Life criticises Vitality
    “I've added Vitaltiy to a number of clients' new covers. I have also sold AIA cover without it. As with all advice it is...”
    2 days ago by BayBroker
  • Don't hold your breath for life insurance reform
    “Having read both the article and the comments I can only agree with what has been said in the comments. Further, I am...”
    2 days ago by BayBroker
  • David Whyte's 5 predictions for 2020
    “@ number 2: LOL - don't hold your breath. And besides, even if they did do it, if someone needs it they should probably already...”
    3 days ago by All hat no cattle
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com