Health and life insurer nib saw its premium revenue rise 12.4% to $312 million in the 2021/22 year – up from $278 million in the previous 12 months.
The firm saw a 5.6% rise in private health insurance policyholder growth, but its full year underwriting result was down 5.1% to $25 million from $26 million in FY21.
In a statement, the company said it has invested heavily in technology and is integrating the life and living insurance business, Kiwi Insurance (now nib nz insurance). Nib paid $45 million for Kiwi Insurance, completing the purchase in May 2022. The FY22 result includes a two month contribution from the company.
“We have had continued growth in policyholder numbers as more Kiwis see value in private health insurance,” said nib New Zealand CEO Rob Hennin.
Net claims rose 7.8% during FY22 and claims inflation remained lower due to the impacts of Covid-19, with the firm’s members deferring some treatment and clinical providers restricting access to some services during the pandemic.
The firm expects continued policyholder growth and a return to net margin targets of 8-10% over time, although it states that investment in systems upgrades will trim margins.
See our report: Kiwi Group Holdings Sold