Health insurer nib holdings released its 2012 full year results yesterday (August 20), which achieved on the whole strong results, with premium revenue up 11.5 per cent to $1.1 billion.
Nib managing director Mark Fitzgibbon says that the company expects that the Australian health insurance market will continue to grow, despite the income testing of the federal government rebate.
"Increasingly people don’t want to risk having to rely only on the public health system. Add to this, low interest rates, growing employment and national wealth," said Mr Fitzgibbon.
"We still see as our core strength our attraction in the under 40s market but we are very determined to grow market share in the over 55s and corporate segments. We also expect our international operations will become more and more important to our future earnings."
The market conditions and outlook for the full year in 2013 look generally quite positive with a system growth predicted for FY13, where the private health insurance (PHI) participation rate is expected to rise and the federal government's rebate expected to have minimal impact.
The pre-tax underwriting result also saw good improvement, the underwriting margin up 15 per cent from $61.5 million in FY11 to $70.7 million.