nib puts out half- year results
nib announces a solid group performance with an increase in operating profit in the first half of 2023.
Monday, February 20th 2023, 12:32PM
by Kerry Meadows-Bonner
The results are driven by strong policyholder growth across adviser, group channels and one-off adjustments.
“Some of the impacts of the COVID-19 pandemic are still being felt, with lower use of medical services and a slower return to normal on claims. However, policyholder numbers grew overall, which is very pleasing. We have also seen a solid contribution from nib NZ insurance, in its first full half-year under nib’s ownership.” says nib chief executive Rob Hennin.
nib NZ reported an underlying operating profit of $15.1 million, including a $1.4 million favorable impact from the life and living benefits business. Private health insurance policyholder growth was up 5.2%. Claims rose 5.0%, with slower claims catching up than expected.
Life and living insurance products were more integrated into NZ nib in the half year and the completed acquisition of OrbitProtect- a provider of insurance cover for international students, workers and inbound travelers has also contributed to a strong first half performance.
Despite the economic outlook and higher interest rates, nib NZ chair Tony Ryall expects continued growth across its businesses, “We are very assuredly working to deliver value for nib members, across all our businesses.”
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