nib plots more growth

nib announced a consolidated operating profit of A$81.7 million ($90.4 million) for the year to June 30. That was up 13% on the year before.

Its New Zealand business reported an operating profit of A$5.4 million, down from A$7.4 million in the 2014 year. The company said that was affected by a unique legacy product.But it turned around a decade of policyholder decline and reported net policyholder growth for the year of just under 6%.

About half the growth was from its new, direct channel.

nib’s New Zealand chief executive Rob Hennin said the result was exactly where the company had expected it would be.