tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, August 11th, 6:06PM

Insurance

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

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

News Bites
Latest Comments
  • It starts with governance
    “Hi Adviser 1 -I don't think peer review will cut the mustard. There is more to it than someone having a look at you do and...”
    45 minutes ago by gavin austin adviser business compliance
  • It starts with governance
    “Who offers a governance solution for a one man adviser business or is adviser peer review the way to go? Cheers...”
    8 hours ago by Adviser1
  • It starts with governance
    “Well said as usual Russell, you’re right governance is one of the things that has been missing from the discussion and...”
    13 hours ago by JPHale
  • Financial advice makes NZers better off
    “Great initiative to support the industry, from an industry body...”
    15 hours ago by Pragmatic
  • Shake-up at AMP
    “Very well said by Amused ...”
    2 days ago by mike.lay
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous 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
x