Key financial highlights for nib Holdings (ASX: $NHF) for the half-year ended 31 December 2023

nib Holdings (ASX: $NHF) has reported a net profit after tax of $106.4 million for the half-year period ending 31 December 2023. The company's underlying operating profit increased by 21.7% to $144.4 million compared to the same period in the previous year. The statutory operating profit for the half-year was $128.7 million, marking a 14.7% increase from the previous year. The company's principal activities during this period included private health insurance in Australia and New Zealand, travel insurance policies globally, and specialist health care data science services through its joint venture with Cigna Corporation, Honeysuckle Health.

Executive commentary on financial performance and strategic initiatives

The company's executive highlighted that the increase in insurance revenue of 11.2% was driven by policyholder growth across all underwriting segments. The Australian Residents Health Insurance (arhi) business saw a 3.7% growth in policyholders, while the International Inbound Health Insurance (iihi) business surpassed 200,000 policyholders. Additionally, nib continued to invest in strategic initiatives to support its Payer to Partner (P2P) strategy and vision to become a health management company. The P2P initiatives aim to provide insight and guidance to members on achieving their personal health and wellbeing goals.

Outlook and future plans

Looking ahead, nib Holdings (ASX: $NHF) aims to continue its focus on policyholder growth and strategic investments to support its Payer to Partner strategy. The company's acquisition of NDIS plan management businesses and a digital health start-up company, Midnight Health, reflects its commitment to expanding its footprint in the health management sector. With a strong financial performance in the half-year period, nib Holdings remains well-positioned to pursue its ambitions and goals in the health insurance and management industry.