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On 29 August
2008, nib announced its financial results for the 12
months to 30 June 2008. Normalised net profit after tax
was $26.7 million, which was underpinned by strong policyholder
growth, up 11.1% compared to 4.2% for the industry and
a normalised net underwriting margin of 4.4%.
Significant
one-off costs associated with nib’s demutualisation
and listing resulted in a small statutory profit of $0.4
million for the period.
nib also declared a final dividend
of 2.1 cents per share (fully franked), equating to a
payout ratio of 40.7% and also confirmed that it will
be undertaking an on-market share buy-back of up to 10%
of issued shares.
Volatile investment markets resulted
in low investment earnings for the full year. As a result,
nib plans to carefully move to a more defensive investment
asset allocation to reduce investment earnings volatility.
- Click
here for nib’s 2008 Full Year Results Media
Release
- Click
here for nib’s 2008 Full Year Results Investor
Presentation
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| nib 2008 Full Year Results (normalised) – Overview |
| Premium Revenue |
$758.2 million |
| Gross underwriting result |
$111.2 million |
| Net underwriting result |
$33.0 million |
| Investment income |
$7.5 million |
| Normalised net profit after tax |
$26.7 million |
| Gross Margin |
14.7% |
| Management expense ratio |
10.3% |
| Net margin |
4.4% |
| Investment return |
1.6% |
| Net assets |
$384.8 million |
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| nib Customers |
| Policyholders |
365,389 |
| Persons covered |
732, 930 |
| Policyholder growth |
11.1% |
| Market share |
7.0% |
| Hospital benefits paid |
$357.7 million |
| Ancillary benefits paid |
$187.2 million |
| Outstanding claims provision movement |
$8.2 million |
| Retail Centres |
25 |
| nib employees (FTEs) |
478 |
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