Morningstar

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Equity Bottom-Up

The two narrow-moat private health insurers, Medibank Private and NIB Holdings are enjoying a reprieve from onerous Labor party policies following Labor’s surprise election loss on May 18, 2019. The reversal of negative election sentiment resulted in a strong increase in share prices as it became clear Labor’s policy of restricting premium rate increases to 2% per year for two years has been binned. Medibank’s share price increased 12% with NIB Holdings benefiting from a 13% increase. Despite…

Narrow-moat-rated private health insurer NIB Holdings delivered a solid first-half fiscal 2019 performance with reported NPAT up 5% on previous corresponding period, or pcp, to AUD 74 million, in line with our expectations. But the make-up of the result surprised. A strong insurance underwriting result was partially offset by a weak performance from the firm’s travel insurance business and a sharp fall in investment returns. We were impressed with the modest guidance upgrade for fiscal 2019…

The Minister for Health has approved an industrywide average increase in private health insurance premiums of 3.25%, effective April 1, 2019. We were expecting an increase around low 3.0% levels and welcome the lowest annual increase in decades. The slowdown in the rate of annual increase is due to lower claims inflation and lower hospital utilisation rates. Previous industrywide average premium increases were 3.95% for 2018, 4.84% for 2017, 5.59% for 2016, and 6.18% for 2015. Our AUD 2.95 per…

Narrow-moat-rated private health insurer, NIB Holdings' impressive fiscal 2018 result was substantially pre-released and we were more interested in the softer fiscal 2019 guidance and increased uncertainty around future potential regulatory capital requirements. Fiscal 2018 NPAT increased 11% to AUD 133.5 million on the back of a strong performance from the key Australian operations and the nine month contribution from GU Health acquired in September 2017. Despite the strong fiscal 2018 group…

Fast-growing, narrow-moat private health insurer, NIB Holdings, surprised with an uplift in fiscal 2018 earnings guidance, primarily due to lower-than-expected claims costs. NIB now expects group underlying operating profit, or UOP, to be approximately AUD 184 million, up 20% on fiscal 2017, and group statutory operating profit of approximately AUD 169 million, up 12% on fiscal 2017. NIB defines UOP as profit before amortisation, interest expense, investment income, and income tax. Updated UOP…

Australia

NIB Holdings Ltd. offers health insurance products.  Depending on the specific product, the Company covers ambulance costs; and reimburses for costs not covered by Medicare including dental, optical, physiotherapy and natural therapies; and some hospitalization costs.

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