Medibank Private (MPL) Corporate presentation summary

Australia’s healthcare system

• Healthcare combines government-funded Medicare with private insurance; private cover offers shorter waitlists, doctor choice and services beyond Medicare.

• 54.9% of Australians had private health insurance at Dec 2024; ~82% of insured people held combined hospital and extras cover.

• The industry had 30 insurers; the five largest held over 82% of resident policies, while private insurance funded 40% of hospital episodes in 2023–24.

• Industry premium revenue was ~ $30b and annual benefits ~ $25b; ~67% of elective surgeries were performed in the private sector.

Resident insurance framework

• Community rating means insurers cannot vary premiums by health status, age or claims history, subject to defined exceptions such as lifetime health cover loading and youth discounts.

• Insurers apply annually to the Health Minister for premium changes; the 2025 average increase was 3.99%, below the industry weighted average of 4.38%.

• Hospital products use four standard tiers—basic, bronze, silver and gold—and eligible customers can switch insurers without re-serving waiting periods when their coverage gap is within seven days.

• Risk equalisation shares eligible claims costs, mainly for older members and high-cost claims, through state-based pools; the net industry transfer is $0.

• Government incentives include the Medicare Levy Surcharge, lifetime health cover loading, the income-tested rebate, youth discounts and extended family cover for eligible dependants.

Business and growth strategy

• Services span resident and non-resident insurance, wellbeing, primary care, virtual health, homecare and hospital services; brands include ahm and Amplar Health.

• FY24 operations served 4.2m health insurance customers, employed 3,568 people including 849 health professionals, and delivered over 4m Amplar Health network interactions.

• FY23 Australian expenditure across wellbeing and prevention, primary and virtual care, and specialist and acute care was $35b, $83b and $107b, respectively.

• Growth priorities include serving insurance customers and the wider Australian population, expanding organically and inorganically, and supporting more accessible, personalised care.

• Medium-term priorities include stronger customer experiences, insurance differentiation, disciplined growth in priority segments and diversified earnings.