nib on deal hunt as profits rise

The company said the profit boost, in the year to June, was up 3.8% on the previous financial year. Revenue in New Zealand grew by 1.9% to $214.9 million over the year, the company said in a statement to the Australian Stock Exchange.

It comes as nib Holdings, the group’s Australian parent company, recorded an operating profit of A$184.4 million, and profit after tax of A$133.5 million.

The company has revealed it is on the lookout for potential acquisitions in New Zealand. Tony Ryall, chairman of nib New Zealand, said the company is keen to grow “through a combination of organic growth, strategic acquisitions as well as industry rationalisation”.

Rob Henin, chief executive of nib New Zealand, said sales growth had been driven by a focus on customer service. Henin said the insurer has experienced net policyholder growth of 2.8% over the year. He added: “Our fastest growing sales channel is now our direct-to-consumer and whitelabel portfolios which account for approximately 20% of all our inforce policies.”