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

NZ's Financial Adviser News Centre

GR Logo
Register free for JLL Future Cities Wellington here Dismiss
Last Article Uploaded: Sunday, April 11th, 9:09AM

Insurance

rss
Latest Headlines

Six-month results show nib NZ earnings holding up

Premium revenue increase of 7.9% reflects “pleasing” post-Covid trend.

Monday, February 22nd 2021, 5:47PM

Rob Hennin

The company’s FY21 half year results, released today, revealed a bounce back in healthcare treatment following Covid-19 restrictions. This is reflected by a 2.8% increase in new health insurance policies over the past 12 months, says nib CEO Rob Hennin.

“Our first half results also show claims increased 7.6% as members head back to their medical professionals or seek treatment following the first wave of Covid-19 restrictions,” Hennin explains.

Claims to nib dropped significantly during the first lockdown period in New Zealand. But by September the claims began to surge again. Additionally, the pre-approval checks for elective surgery remained strong.

The claims that have experienced the largest increase post-Covid-19 lockdown were:

• neurological, up by 116%
• cardio-thoracic surgery, up by 49%
• diagnostics, up by 38%
• gynaecological, up by 365%.

Hennin says that it is positive that clients are feeling more confident and getting the necessary health treatment post-Covid.

“Recognising some healthcare treatment in FY20 was simply deferred not cancelled during Covid-19, nib set aside a provision to meet the expected claims catch-up over the course of FY21,” he says.

“As of December 31, 2020, $6.5 million of the $9.0 million provision has been released.”

nib NZ chairman Tony Ryall says that while the pandemic had increased consumer awareness about the importance of health, there was still an opportunity to grow acceptance of private health insurance in New Zealand.

“We see a real opportunity to demonstrate the role and capability of private health insurance in helping improve outcomes and mitigate potentially avoidable or unwarranted health care treatment,” said Ryall.

The overall nib Group reported total operating profit of $86.9 million (up 4.4%) and net profit after tax of $66.2 million (up 15.9%) for the six months to December 31, 2020 to the Australian Securities Exchange.

Tags: health insurance insurance nib

« AIA new cancer health product introducedIndustry feedback refines Insurance Solvency Standards »

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

Insurance professionals get time to shine
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched an initiative aimed at showcasing the success of insurance professionals.

Cigna retains high Financial Strength Rating
Cigna New Zealand has announced that A.M. Best has reaffirmed its Financial Strength Rating of A (excellent) and Long-Term Issuer credit rating of "a" - "with stable outlooks".

AIA adds more benefits to Vitality; Changes Airpoints

Fidelity Life’s transformation continues with top culture award
Fidelity Life's tech team pick up a gong at IT awards.

News Bites
Latest Comments
  • Are robots the future of advice?
    “Yeah/Nah another article talking financial advisers but really means to say financial planning... The bespoke needs of...”
    4 days ago by JPHale
  • [The Wrap] FSLAA isn't the only big change advisers need to be aware of
    “I watch with hope that FMA will decide to investigate potential and existing sharp practices that are nothing less than fraudulent,...”
    5 days ago by Chatterbox
  • Are robots the future of advice?
    “The majority of the 9,000 consumers surveyed globally said that they trust robots more than humans to help manage their personal...”
    5 days ago by All hat no cattle
  • Are robots the future of advice?
    “What a load of tripe - produced by someone with something to gain. The global experiment with RoboAdvice has demonstrated...”
    5 days ago by Pragmatic
  • Are robots the future of advice?
    “Of course Oracle would produce research supporting their products!! No surprise there. However, I doubt very much if serious...”
    5 days ago by dcwhyte
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