nib New Zealand’s results for the first half of its 2023 year shows premium revenue at $176.4 million driven by policyholder growth across its adviser and group channels, and one-off adjustments in the first six months.
The firm’s CEO Rob Hennin says some of the impacts of Covid-19 are still being felt, with lower use of medical services and a slower return to normal on claims.
“However, policyholder numbers grew overall, which is very pleasing,” he says. “We have also seen a solid contribution from nib nz insurance, in its first full half-year under nib’s ownership.”
nib NZ reported an underlying operating profit of $15.1 million for the half year, including a $1.4 million favourable impact from its life and living benefits business.
Private health insurance policyholder growth was up 5.2% and claims rose 5%. The results exclude life and living insurance, which nib nz insurance acquired in the second-half of 2022.
Half-year highlights
- 1H23 premium revenue rises to $176.4 million from $151.4 million in 1H22
- Private health insurance policyholder growth up 5.2%
- nib nz insurance (previously Kiwi Insurance) added $1.4 million to underwriting result in first, full half-year since acquisition
- OrbitProtect (insurance for students, workers and travellers) acquired 30 November 2022
- nib continues community health support programs