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Major health insurer Nib’s profit plunges 40%

Major health insurer Nib’s profit plunges 40%

Australians are paying higher premiums than necessary for their private health insurance – how can you avoid falling into a trap?

Is your private health insurance ripping you off?

Insurance group Nib says the coronavirus pandemic has generated challenging conditions for the health insurance market, with the group’s profit sliding by more than a third.

The major Australian health insurer posted a net profit of $90.1 million for the 12 months ending June 30, a 40 per cent, or $59.7 million plunge compared with financial year 2019.

Nib managing director Mark Fitzgibbon said the onset of the pandemic had “blurred” progress made within the company’s Australian health insurance business, which had increased its membership number and revenue intake for the period.

“In what are almost unprecedented economic headwinds, we grew policyholders by 1.9 per cent, well ahead of 0.4 per cent for the industry,” he said.

Total group revenue rose 3.4 per cent over the 2020 financial year to $2.5 billion, while underlying operating profit decreased 25.6 per cent to $150.1…

Gerard Cockburn

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