Medibank posts 'strong' first quarter
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The news: Australia’s biggest health insurer Medibank says it has seen strong growth in both resident and non-resident insurance segments for the first quarter.
The numbers: The company said it continues to anticipate moderating industry growth in FY25 relative to FY24. In the Medibank Health business, it is targeting average organic profit growth in excess of 15% per annum.
The context: Medibank chief executive David Koczkar said Medibank has seen improving momentum, with stronger net resident policyholder growth in the first three months of FY25 compared to the same period last year.
Solid customer growth also continued in the first three months of FY25 in the non-resident insurance business. However, the group expects some short-term impacts to industry growth resulting from the Australian government’s decision to cap the number of student visas in 2025.
What they said: “Despite the macro-economic challenges affecting all businesses, and the current pressures in the health system, the underlying dynamics of health insurance remain positive,” Koczkar said.
The source: ASX announcement
