nib releases FY23 financial results

23 Aug

Written By Kelly O

nib has released its annual financial results for the year ended 30 June 2023.

Net profit after tax A$191.8 million – up 42.8%
Net Premium revenue A$2.91115 billion – up 7.7%

Net premium revenue $360.7 million – up 15.9%
Underwriting result $36.1 million
Claims incurred (excluding claims handling) A$199.8m million – up 15.7%
Policyholder numbers 161,303 – up 3.2% - driven by group and adviser channels
Gross margin percentage 39.5% - down 130 basis points
Net margin percentage 9.9% - up 210 basis points

nib NZ Chief Executive Officer, Rob Hennin said

“It’s been a good year again for the New Zealand business, where we have increased the number of policyholders and maintained the value we offer nib members… We’ve added a new business, OrbitProtect, and our life and living business is performing well.”

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