Medibank Private (MPL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a Welcome to Country, emphasizing respect for Indigenous culture and connection to land.

• Hybrid format enabled both in-person and virtual participation, with a quorum confirmed and formal proceedings declared open.

• Board members and key executives introduced, and procedural details for voting and questions explained.

Financial performance review

• Over the past decade, AUD 3.4 billion in dividends paid; shares outperformed the ASX 100 index.

• Customer base grew to 4.2 million, with significant expansion in care and support services.

• FY24 underlying net profit after tax rose 14.1% to AUD 570.4 million; net investment income up 31.5% to AUD 182.2 million.

• Dividend increased 13.7% to AUD 16.60 per share, fully franked.

• AUD 1.46 billion provided in customer support since COVID, including AUD 305 million in the last financial year.

Board and executive committee updates

• Board recognized for leadership and support; CEO and executive group acknowledged for performance.

• Changes to executive remuneration introduced, with additional performance hurdles and increased incentive deferral times.