nib back in profit and recovering

Graph showing profit

In an announce to the Australian Stock Exchange nib says the New Zealand business achieved a A$3.9 million underlying operating profit in the first six months of its financial year.

This is a A$14 million turnaround compared to the same period last year.

"Pleasingly New Zealand’s recovery continues at pace, with a return to profitability driven by the execution of our
recovery plan and a stabilisation in claims inflation," nib says.

Revenue growth was up 13.5% (in NZD) "driven by significant repricing to address claims inflation, with product mix and policy growth also impacted."