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

NZ's Financial Adviser News Centre

GR Logo
Get your tickets to the Mindful Money ethical investment awards CLICK HERE Dismiss
Last Article Uploaded: Thursday, June 23rd, 6:35PM

Insurance

rss
Latest Headlines

Premium income grows at nib

nib New Zealand delivers solid result as more members seek private care.

Monday, February 21st 2022, 5:21PM

nib New Zealand has reported its premium revenues were up in the last six months of 2021 while underwriting results were down on the same time the year before.

In the half year ending December 31, premium revenue was up 11.2% to $151.4 million, meanwhile the underwriting result of $10.2 million reduced 15.5% from $12.1 million the year before.

nib chief executive Rob Hennin said the business had performed well overall with premium revenue lifting thanks to a 4.1% rise in policyholders and premium adjustments to account for claims inflation.

Hennin said more members accessed medical treatment, however, this trend combined with a 12.3% rise in claims inflation, had seen claims expenses increase during the period.

“As public waiting lists continue to grow, exacerbated by the pandemic, we’re seeing more consumers make the shift from public to private to take more responsibility for their own healthcare needs.”

Hennin said: “While it’s great to see our members getting the care they need, we’re also conscious of ensuring claims costs are managed effectively to keep premiums affordable which is why initiatives such as our First Choice Network are so important.”

Hennin also highlighted that nib had put aside extra funds to cover an expected “catch-up” in claims following ongoing Covid-19 lockdowns.

“The pandemic has continued to disrupt healthcare treatment across the country, but we know that most of this treatment is simply postponed, not cancelled entirely. To account for this, we’ve increased our deferred claims liability to $3.5 million to ensure we can meet anticipated future claims,” Hennin said.

Parent company nib holdings limited (ASX: NHF)  also announced its Group operating performance for the six months to December 31. Group underlying revenue grew 8.3% to A$1.4 billion, with Group underlying operating profit increasing by 28.5% to A$109.6 million and net profit after tax of A$81.2 million was up 24.7%.

Tags: nib

« The results are in for Asteron LifeWorkplace happiness key to retaining staff amid the ‘Great Resignation’ »

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

OnePath and Cigna pinged by FMA
OnePath Life (NZ) and Cigna Life Insurance have agreed to pay the Financial Markets Authority $180,000 after admitting breaches of the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA).

Partners first life company to cloud platform
Partners Life completes first stage of the company's claims transformation journey.

Celebrating Earth Day
Insurer takes early step on sustainability journey.

Fidelity Life launches new-look claims content
Fidelity rolls out education material to help explain insurance.

News Bites
Latest Comments
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  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x