Medibank posts record profit and highlights cost-of-living challenge | The Business | ABC NEWS
The country’s biggest private health insurer has posted a record profit. Medibank has 4.3 million customers and made a full-year profit of $639 million, up 27.5 per cent on the previous 12 months. Chief executive David Koczkar says the record profit has not come from premium increases. “That profit growth isn’t coming from any increase in margins, in fact that margin has been stable and we have a higher claims payout ratio… than the industry average.” The results also highlight cost-of-living challenges, as customers opt for cheaper coverage. Mr Koczkar says “it’s not surprising that we’re seeing take up of mid-tier products in the bronze and silver range.” Despite the cost-of-living challenge, Medibank says Australians continue to prioritise their health. Medibank’s numbers show there were $6.9 billion total claims paid. Shareholders will get a final dividend 10.9 cents per share.
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