NIB profit rises more than 40% as travel-related sectors recover

The news: NIB has lifted its full-year net profit by 42.8% to $191.1 million, as inbound international health insurance recovered after pandemic restrictions eased.

The numbers: NIB boosted its earnings per share 39.9% to 41.4 cents, while group revenue was up more than 10% to $3.1 billion. NIB declared a full year dividend of 28 cents per share, fully franked. NHF shares were selling for $8.34 at 10:30am, up from $8 on Friday. International inbound health insurance flipped from a $1.1 million loss last year to a $23 million profit as international students, workers and holidaymakers returned to Australia amid a clearing of visa backlogs. NIB's New Zealand operations also recorded strong profit growth of 50.7% to $34.2 million.

The context: NIB's strategy to straddle the line between health management company and private health insurer has included recent investments into gut testing company Microba, health data player Honeysuckle and Midnight Health, an online prescription service majority owned by NIB.