Nib New Zealand has seen its net premium revenue grow by almost 16% to $360m, and policyholder growth of 3.2% according to its latest annual results.
The firm delivered an underwriting result of $36.1m for FY23, up from $25.4m in FY22. Its FY23 underwriting results include a 12-month contribution of $2.4m from the life and living insurance business.
Nib NZ acquired life and living in April 2022 to expand its product range to include life, serious illness, trauma, and income protection insurance.
OrbitProtect (acquired by the firm in November 2022) contributed $1.1m profit (before tax) for FY23. OrbitProtect helps provide insurance cover for international students and workers, and inbound travellers visiting New Zealand.
Net premium revenue at nib NZ grew 15.9% to $360.7m, driven by total policyholder growth of 3.2% across all businesses. Resident private health insurance policyholder growth was 3.8%. The value of claims increased 18.5% as a result of growth and claims inflation.
Commissions and marketing expenses rose 13.5%, excluding a one-off deferred acquisition cost adjustment. The company continued to invest in technology, and integrate the life and living and OrbitProtect businesses.
“It’s been a good year again for the New Zealand business, where we have increased the number of policyholders and maintained the value we offer nib members,” said nib NZ CEO, Rob Hennin.
Outlook
Nib Chair Tony Ryall said FY24 will bring continued challenges for nib NZ.
“Healthcare demand, will continue to grow,” Ryall said. “New Zealand has an ageing population, and consumers expect better health outcomes, sometimes driven by treatment and technology advancements.
“The challenge is to meet those demands and excel, delivering value and better healthcare outcomes in everything we do. This is especially demanding in an environment of rising rates and increasing cost pressures. We know nib members face challenges. Delivering value is an important part of what we do.”