nib New Zealand sees solid growth with robust financials
nib New Zealand has announced a robust financial performance for the first half of 2024, with net premium revenue rising to NZD $197 million, up from NZD $179.7 million during the corresponding period a year earlier. This rise marks significant private health insurance policyholder growth of 3.7%, demonstrating a positive trend in the private health insurance sector.
"We have reported a solid first-half result and are positioned well for the full year," commented nib New Zealand Chief Executive, Rob Hennin. He noted the strong growth in resident private health insurance policyholders and saw encouraging contributions from the insurer's international student, worker, and traveller insurance business OrbitProtect. Another source of growth comes from nib NZ's life and living insurance business.
New ventures nib NZ Insurance and OrbitProtect have made notable contributions to nib NZ's financial performance, contributing NZD $3.2 million to the underlying operating profit. nib NZ's 1H24 underlying operating profit amounted to NZD $13.2 million, compared to NZD $18.2 million in 1H23. It should be noted that the 1H23 figure was inflated due to a one-off deferred acquisition cost adjustment.
The insurer's commitment to innovation continued to deliver fresh and improved services to members. With the launch of the redesigned 'my nib NZ' app and website, it is now easier for members to make claims, request approvals, and review their policies. "Part of the 'my nib' app and portal is a new Health Check to gain better insights into the health and wellbeing of members and provide tailored support where needed. We also launched a new wellbeing programme, Kickstarter, which helps members better manage their sleep, nutrition, exercise, and stress," Hennin explained.
nib NZ consistently continues toward its payer to partner strategy (P2P). Its aim is to be a genuine health partner to customers by providing personalised health management tools and programmes. Moreover, the company is also expanding its community health initiatives. A remarkable part of these initiatives is nib NZ's continued expansion of its Toi Ora health initiative to enhance the long-term health outcomes of iwi communities. Since its first iwi health initiative launched in 2018, positive outcomes like the reduction of long-term health problems and hospital admissions have been noticed.
The insurer's efforts include piloting Tohu Toi Ora, an accreditation programme that acknowledges providers for culturally appropriate, safe and responsive care. The company is positive about expanding this programme throughout FY24 and beyond.
nib NZ Chair Tony Ryall reflected optimism about the company's strong growth and value delivery to its customers despite economic uncertainties and ongoing cost pressures. He asserted commitment toward progressing managed health programmes for members, as well as expanding community health projects. "We understand the cost-of-living pressures many people in the community face, and we are committed to ensuring we continue to deliver value for nib members," Ryall concluded.
