nib Group (nib), the Trans-Tasman private health fund and travel insurer, has announced its FY23 results. According to an ASX announcement, Net profit after tax (NPAT) was up more than 40% to $191.8 million. Revenue, said the announcement, was up by nearly 11% to more than $3 billion.
The firm attributed much of the growth to ongoing increases in its Australian private health insurance business and also post-COVID-19 recovery.
“This is another strong commercial result for the company and indicative of growth and progress across the Group,” said Mark Fitzgibbon (pictured above), nib’s managing director. “arhi [Australian Residents Health Insurance] continued its long track record of above system growth and those businesses that were troubled by COVID-19 - international students and travel - are experiencing good recovery.”
Premium revenue was up 6.1% to $2.4 billion, “notwithstanding the impact of nib’s 2023 premium price deferral and member give-back,” said the announcement.
arhi, the firm’s “flagship” business, reportedly achieved its highest sales and strongest net policyholder growth in more than eight years.
“Net growth was 4.7%, more than double the anticipated industry rate,” said the announcement.
nib’s travel, international students and workers, and New Zealand operations reported “strong growth and profitability.”
The announcement said “nib NZ delivered UOP of $34.2 million for FY23, up from $22.7 million in FY22.” Premium revenue in New Zealand grew 13.2% to $330.4 million while policyholder growth was more than 3%.
“In the second half of FY23, we added 17,839 policyholders, compared to a net loss in the same period last year,” said Fitzgibbon, referring to his firm’s International Inbound Health insurance (iihi) offering. “The high claims expense incurred amongst international students during COVID-19 has eased significantly to more normal levels.”
The announcement said iihi’s results were driven by strong demand for international workers, a clearing of visa backlogs and a return to Australian campuses for international students.
nib’s Travel business, “rebounded strongly”, said the announcement, posting a “record result” for UOP of $14.0 million.
