Medibank has reached more than four million health insurance members, a first in its 47-year history, according to its 2023 full-year report.
The report revealed that the number of Medibank’s resident policyholders jumped by nearly 11,000, with growth among families, younger people, and individuals taking out cover for the first time. The insurer also saw its largest increase in non-resident policyholders in seven years, with policy units totalling almost 275,000.
“We have worked really hard to regain the trust of our customers, and while there is more to do, we are growing again,” said Emily Ritchie, senior executive for external affairs at Medibank.
Medibank’s 2023 full-year results reflected the growth of its health insurance business, the underlying profit growth of Medibank Health, and its strong capital position. Specifically, Medibank’s group operating profit rose by 9% to $647.5 million, with net investment income growing significantly to $138.6 million, resulting in a 29.8% increase in net profit after tax of $511.1 million.
Moreover, Medibank paid $6 billion in total claims and returned additional COVID-19 give backs, premium deferrals, and ahm extras rollover as part of its commitment to not profit from the COVID-19 pandemic, with its COVID-19 pandemic customer financial support totalling around $1.15 billion.
Earlier this month, Medibank made changes to its executive team, with Medibank CEO David Koczkar emphasising the need to “evolve” to meet customer needs amid the “changing” Australian health system.
