Medibank has announced a robust performance for the first half of the year.
The company has declared an additional $200 million cashback for Medibank policyholders and has extended ahm customers' ability to use their unclaimed extras benefits, a package valued at up to $15 million. This initiative raises Medibank's total pandemic-era customer support to $1.37 billion, the most significant financial contribution by any Australian health insurer to date.
Medibank reported an increase in resident policyholders by 3,400, attributing the growth to new family memberships and first-time insurance buyers. The company also saw a 33,800 rise in non-resident policy units during the half-year and a 34% increase over the past 12 months.
Medibank's efforts to provide more value to its customers include over $10 million redeemed in Live Better rewards and savings of more than $12 million on out-of-pocket costs through its Members' Choice Advantage network. The company's no-gap program expansion has also been noted, alongside a 14% increase in uptake of Silver health insurance cover after the introduction of a new product range focused on prevention and savings.
The company has worked on enhancing customer experience, with Service NPS scores rising for both Medibank and ahm brands.
Initiatives like connecting customers with local team members have led to higher satisfaction. Additionally, Medibank has bolstered its IT security measures.
Medibank's health and wellbeing support has seen significant engagement, with approximately 57,000 people participating in the Live Better Backsmart challenge and a 48% year-on-year increase in enrolment in preventative programs. The partnership with Amwell aims to deliver virtual prevention programs at scale, complementing over 140,000 homecare visits provided by the Amplar Health team.
Investments in health continue, with Medibank expanding its primary care network through Myhealth and innovative mental healthcare approaches via its partnership with Aurora Healthcare.
The opening of new facilities and services, including the Orthopaedic Institute at Macquarie University Hospital, also reflects Medibank's commitment to healthcare innovation.
On the financial front, Medibank reported a 4.2% increase in group operating profit to $319.4 million, with the Medibank Health segment profit rising by 8.5% to $26.7 million.
Underlying net profit after tax grew by 16.3% to $262.5 million. Shareholders will receive a fully franked interim ordinary dividend of 7.2 cents per share.
Medibank also announced the appointment of the Hon Jay Weatherill AO to the board as a non-executive director, effective March 18, pending regulatory approvals.
Weatherill's extensive experience in public office and policy reform is expected to contribute significantly to Medibank's strategic direction.
Medibank chair Mike Wilkins welcomed Weatherill to the leadership team, saying that his public policy and reform expertise will benefit the company.
“I am delighted to announce Jay's appointment to the Medibank board and welcome his breadth of experience in public policy and reform which will be of great value to Medibank,” he said.
Weatherill will also join the Audit and Risk Management Board Committees, reinforcing Medibank's governance framework.
