Health insurer NIB Holdings said profit fell 16 per cent to $135.7 million but COVID-19 kept claims at bay, with travel and international student insurance back to profit in 2H.
Health insurer NIB Holdings said full-year profit fell on its investments, but the underlying result was higher after medical insurance claims remained muted due to the COVID-19 pandemic.NIB’s profit fell 16 per cent to $135.7 million after volatile markets dragged investment income down by $30 million or 157 per cent. Underlying profit from its insurance activities was 14.8 per cent higher at $253.3 million.
Chief executive Mark Fitzgibbon said the pandemic had spurred higher rates of membership, with premium revenues for Australia up 5.2 per cent and policyholder growth of 3.2 per cent, and strong growth momentum in the fourth quarter.
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