Medibank Private (MPL) AGM 2024 summary

Opening remarks and agenda

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

• The hybrid format allowed both in-person and virtual participation, with a quorum confirmed and the agenda outlined.

• Board members and executive team were introduced, and procedural details for voting and questions were explained.

Financial performance review

• Over the past decade, AUD 3.4 billion in dividends were paid, with shares outperforming the ASX 100.

• 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 increased 31.5%.

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

• AUD 1.46 billion in COVID-related customer support provided to date, with the final give-back program to be announced.

Board and executive committee updates

• Board succession planning discussed, with a proposal to increase the maximum number of directors from nine to twelve.

• Leadership of the CEO and executive group acknowledged for performance over the past year.

• Board diversity and director workload addressed during Q&A, with a commitment to ongoing improvement.