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: Thursday, December 12th, 10:37PM

Insurance

rss
Latest Headlines

nib experiencing extraordinary claims growth

ASX-listed health insurer nib has told the market that its New Zealand operations are weighing on its earnings performance.

Tuesday, November 12th 2024, 4:46PM

In an earnings update, chief executive Mark Fitzgibbons said that “extraordinary growth in New Zealand claims experience is weighing heavily on this year’s group commercial performance, with an expected operating loss in 1H25 of about A$10 million" ($11 million).

Fitzgibbons said this was a trend encountered by all insurers in New Zealand and that conditions were forecast to improve in the second half of the second half of the current financial year, owing to higher pricing and operating cost savings.

"High post-pandemic claims inflation is similarly impacting other private health insurers in New Zealand. We expect conditions in New Zealand to improve in the second half of the year with higher pricing, operating cost savings and claims inflation moderating and for the full-year profitability, albeit weaker than in FY24."

Despite this, nib is expecting stronger earnings across the group, revising its full year profit guidance to an underlying operating profit of A$250 million, up from $235 million.

“Our flagship Australian resident’s health insurance business is growing strongly, with net policyholder growth for the first four months of this year up over 52% on the prior corresponding period,” Fitzgibbon said.

He also said that expectations were that nib’s net margin for the full financial year will be in the order of 6% to 7%, aligned with its target range.

Tags: nib

« What’s the solution to life insurance advice risk anxiety?Insurance company continues winning streak »

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

Partners exits Adviser Support Programme
Partners Life has moved its Adviser Support Programme to a third party compliance provider.

Apex Advice buys life business
Auckland-based Apex Advice has acquired a well-established insurance advice business.

Chubb's latest champion
Young maths prodigy takes out actuarial award.

New book: Unlocking group insurance
Christchurch adviser Corey Williams has released a new book helping advisers and employers put group insurance schemes in place.

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