Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Solid inaugural profit by nib New Zealand

Solid inaugural profit by nib New Zealand


This morning nib (ASX: nhf) announced its FY13 Full Year Results.

nib New Zealand contributes NZ$8.0 million or 8.7% to group underwriting result

New product range to be unveiled later in 2013

Benji Marshall appointed as nib New Zealand brand ambassador

nib holdings limited (ASX: NHF) today said nib New Zealand made an inaugural contribution of NZ$8.0 million (7 months) (AU$6.4 million) to group pre-tax net underwriting profit of AU$73.8 million for the 12 months ended 30 June 2013.

The New Zealand profit reflected seven months of operation since nib completed the acquisition of TOWER Medical Insurance in November 2012. As forecast, the acquisition was EPS accretive in FY13, with nib New Zealand contributing about 9% of group operating profit.

“This is a very pleasing result and confirms that New Zealand will become an increasingly important part of nib’s earnings base,” said Rob Hennin, the Chief Executive of nib New Zealand.

“The acquisition of TOWER Medical Insurance, including the transition and separation of the business has gone smoothly with all the key milestones we set ourselves being met,” Mr Hennin said.

We have successfully moved more than 110 of our Auckland-based employees under the nib banner as well as more than 75,000 of our New Zealand policyholders. Plus we now have in place a very experienced New Zealand management team,” he said.

nib also confirmed full RBNZ licensing and Qualifying Financial Entity (QFE) status has been achieved meaning all regulatory requirements are no longer transitional.

“We are now planning a very heavy investment in brand and marketing to kick off in New Zealand later this year, which will also include a direct-to-consumer product offering,” Mr Hennin said.

“To support this we have appointed Benji Marshall as the brand ambassador to front nib New Zealand’s marketing and advertising campaign,” he added.

“We think Benji is a great fit for our company and our brand. And with him returning to New Zealand to play rugby with the Auckland Blues next season, we saw this as a great opportunity,” Mr Hennin said.

“Benji is a high profile and highly respected name and he is absolutely the right person to promote nib New Zealand,” he said.

nib’s Managing Director, Mark Fitzgibbon said the acquisition of TOWER Medical Insurance is further evidence of how nib is thinking beyond the boundaries of its core Australian business.

“With just over 30% of New Zealanders having health and medical insurance, compared to almost 50% in Australia, we see a great opportunity to grow industry participation and snare our lion’s share of this increase,” Mr Fitzgibbon said.

Further Information

Please find below links to nib's FY13 Full Year Results ASX Announcement and Investor Presentation.

Media Release – Solid inaugural profit from nib New Zealand

ASX Announcement

Investor Presentation

nib’s FY13 Full Year Results presentation will begin at 10.00am (AEST) (26 August 2013), to use the dial in facility please dial: 0800 264 316 or +61 2 9001 2114 (Password: 947911)

A webcast of nib's 2013 Full Year Results Presentation will also be available from 10:00am (AEST) (26 August 2013) at nib.com.au/shareholders
ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>


The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Fonterra: Provides 2022/23 Opening Forecast Farmgate Milk Price & Business Performance Update
Fonterra today announced its 2022/23 opening forecast Farmgate Milk Price and provided an update on its third-quarter performance... More>>


Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>