Fuseworks Media

‘nib NZ delivers solid 1H24 result’

– 1H24 premium revenue rises to $NZ197 million from $179.7 million1 in 1H23

– Private health insurance policy growth of 3.7%

– New businesses nib nz insurance and OrbitProtect (insurance for students, workers and travellers) already contributing $NZ3.2 million to underlying operating profit

nib New Zealand today announced its result for 1H24, with net premium revenue at $NZ197 million, from $NZ179.7 million in the previous corresponding period, driven by strong private health insurance policyholder growth (3.7%).

“We have reported a solid first-half result and are positioned well for the full year,” said nib New Zealand Chief Executive, Rob Hennin.

“nib NZ has continued to see strong growth in resident private health insurance policyholders, and we have seen positive contributions from our international student, worker and traveller insurance business OrbitProtect and life and living insurance business nib nz insurance limited.”

nib NZ reported an underlying operating profit of $NZ13.2 million for 1H24 compared to $NZ18.2 million in 1H23, which was inflated by a one-off deferred acquisition cost adjustment.

“nib NZ’s focus on innovation continued to deliver improved services to members, including the launch of the redesigned ‘my nib NZ’ app and website, which has made it simpler for members to make claims, request pro-approvals, and review their policies,” said Mr Hennin.

“Part of the ‘my nib’ app and portal is a new Health Check to gain better insights into the health and wellbeing of members and provide tailored support where needed. We also launched a new wellbeing program, Kickstarter, which helps members better manage their sleep, nutrition, exercise and stress.

“We have continued to progress our payer to partner strategy (P2P) of being a true health partner to customers by providing personalised health management tools and programs, and expanding our community health initiatives,” said Mr Hennin.

“nib NZ continued the expansion of its Toi Ora health initiative to improve the long-term health outcomes of iwi communities, onboarding three new rōpū (groups). Since we started working on our first iwi health initiative in 2018, we have seen very encouraging outcomes, including the reduction of long-term health problems and hospital admissions.”

An exciting part of Toi Ora is the pilot of Tohu Toi Ora, an accreditation program which recognises providers who deliver culturally appropriate, safe and responsive care. nib NZ expects to expand the program throughout FY24 and beyond.

Outlook

nib NZ Chair Tony Ryall said the business continues to grow strongly and deliver real value to customers despite the uncertainty over the economic outlook and ongoing cost pressures.

“We understand the cost-of-living pressures many people in the community face, and we are committed to ensuring we continue to deliver value for nib members,” Mr Ryall said.

Mr Ryall said nib NZ remained committed to delivering more managed health programs for members and expanding its community health initiatives.

 

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