nib puts out half- year results

The results are driven by strong policyholder growth across adviser, group channels and one-off adjustments.

“Some of the impacts of the COVID-19 pandemic are still being felt, with lower use of medical services and a slower return to normal on claims. However, policyholder numbers grew overall, which is very pleasing. We have also seen a solid contribution from nib NZ insurance, in its first full half-year under nib’s ownership.” says nib chief executive Rob Hennin.

nib NZ reported an underlying operating profit of $15.1 million, including a $1.4 million favorable impact from the life and living benefits business. Private health insurance policyholder growth was up 5.2%. Claims rose 5.0%, with slower claims catching up than expected.

Life and living insurance products were more integrated into NZ nib in the half year and the completed acquisition of OrbitProtect- a provider of insurance cover for international students, workers and inbound travelers has also contributed to a strong first half performance.