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‘Low quality’ profit growth of 19% drops nibs shares

And for NZ, a one-off deferred acquisition cost was a significant contributor to a 33% decline in underlying profit for the business unit.

Nib CEO Mark Fitzgibbon.

Dan Purves Mon, 26 Feb 2024
Key points
  • Revenue: Up 12.4% to A$1.7 billion.
  • Net profit: up 19.4% to A$104 million.
  • Key takeaway: The performance was driven by stronger net margins and provision releases offsetting weak underlying operating profits in several business units, including New Zealand. 

 

Despite a 19.4% increase in net profits after tax to A$104 million ($110.5m) that beat the market consensus of $101m, the ASX-listed health and travel insurance company, nib, saw its share price decrease by more than 5% as the market became concerned about results that appeared “somewhat low

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Dan Purves Mon, 26 Feb 2024
Contact the Writer: dpurves@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  • Revenue: Up 12.4% to A$1.7 billion.
  • Net profit: up 19.4% to A$104 million.
  • Key takeaway: The performance was driven by stronger net margins and provision releases offsetting weak underlying operating profits in several business units, including New Zealand. 

 

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‘Low quality’ profit growth of 19% drops nibs shares
Australia,
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