nib New Zealand recently reported on the financial results for the 12 months to 30 June 2021. nib announced that it had experienced good results despite COVID-19 related uncertainties and disruptions. Premium revenue was $277.8 million (NZD), a 9.8% increase from the same period last year. The increase in premium revenue has been credited to strong policyholder sales and pricing adjustments. An underwriting result of $26.8 million (NZD) was achieved, this is up 3.6% from the same period last year. Click here to read more
“nib New Zealand today announced its results for the 12 months to 30 June 2021 (FY21) with premium revenue lifting 9.8% to NZD$277.8 million and underwriting result1 of NZD$26.8 million up 3.6% on the same period last year (FY20: NZD$25.9 million).
nib New Zealand Chief Executive Officer, Rob Hennin said the business delivered another good result despite the uncertainties and disruptions caused by COVID-19.
“From the onset of the pandemic our key focus has been on the health and wellbeing of our members, travellers and employees, which is why we swiftly enacted our member support package that, to date, totals AU$45 million across the nib Group,” Mr Hennin said.
The full year result includes the full release of the initial NZD$9.0 million COVID-19 provision, matching the expected claims catch-up for deferred treatment.
“While there was some initial impact on healthcare access, claims have quickly bounced back which means our members have been able to get the healthcare treatment they need,” Mr Hennin said.
Premium revenue growth for the period was driven by strong policyholder sales and pricing adjustments. Net policyholders increased 1.6% impacted by the decrease in inbound international students due to COVID-19 travel restrictions.
“Excluding international students, policyholder growth was 5.0% supported by the performance of channels including group, adviser and our whitelabel partner, the New Zealand Automobile Association. Since we acquired the business, we’ve grown policyholders by 50%,” Mr Hennin said
Mr Hennin said growth in nib’s net promoter score (FY21: 34 vs FY20: 33) reflected nib’s digital transformation progress, with investment in system modernisation improving the member experience.
“We’re big advocates of digital healthcare as it addresses many of the barriers that prevent people from accessing healthcare. That’s why we’ve teamed up with digital-first providers like Tend to make it easier for our members to see a GP, coupled with Zoom pharmacy which improves medicines adherence by delivering prescriptions direct to a patient’s home or work,” he said.
Mr Hennin said nib also continues to work with its key partners and members to roll out population health initiatives that deliver significant health and wellness benefits to the community.
“For example, we’re supporting Ngāti Whātua Ōrākei’s Body Warrant of Fitness programme which helps members to access quality healthcare providers and increase their health knowledge and literacy. By providing free primary health checks, the programme aims to improve their health outcomes through early detection and diagnosis of any potential disease,” Mr Hennin.
“We’re also actively developing solutions to expand these initiatives to other iwi,” he concluded.
nib New Zealand Chairman, Tony Ryall said FY21 also demonstrated the importance of good health and the role private health insurance plays in helping Kiwis to achieve better health outcomes.
“The pandemic has heightened community awareness of disease risk and the need to better manage that risk. Our partnership with Honeysuckle Health reflects this thinking as we look to deploy advanced data science to more precisely predict and treat health risks, moving towards prevention over cure,” Mr Ryall said.”
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