Profit drop for nib

The nib group turned in a total group profit of A$149.3 million, after tax.

In New Zealand, customer numbers lifted 7.5%. It now has 213,061 policyholders.

Claims expense was up 10.7% and underlying operating profit down 15.4% to A$19.8 million.

“The earnings and performance of our New Zealand business is consistent with our long-term strategy as we deliver more value to members,” it said in its annual report.