Medibank publishes results
Medibank, Australia’s largest health insurer has announced its 2012/13 financial results, highlighting a 14.2 percent increase in operating profit, driven by a 9.4 percent increase in group revenue to $5.86 billion and a focus on cost management.
Medibank’s operating profit, combined with solid investment returns (up $101 million), have delivered the company a net profit before tax of $315 million, an increase of 59.9 percent from last year.
Medibank Managing Director, George Savvides, said the improved results were driven by a number of factors including:
• Continued strategic focus to bring Medibank’s Purpose – For Better Health – to life as an integrated health insurance and health solutions company.
• Re-invigorated private health insurance branding and products – leading to membership growth to 3,832,000 members and maintaining number one market position with 29.5 percent share.
• Continued Medibank Health Solutions growth momentum – strong revenue growth and significant new contracts and innovative health services provision.
• Strong cost containment - new multi-year hospital contracts locked in, private health insurance Management Expense Ratio of 9.6 percent.
“The year’s result is the outcome of significant focus on delivering sustainable profitable growth in an environment where the private health industry faces increasing challenges,” Mr Savvides said.