Medibank Private (MPL) Trading Update summary

Business resilience

• Operations are insulated from global market volatility, with exposure mainly through a $240 million investment portfolio in equities, which delivered positive returns in early 2025.

• A 25bps RBA cash rate movement impacts investment income by about $7 million annually.

• Lower RBA rates are expected to support healthcare affordability and customer growth.

Customer support and affordability

• Announced a $160 million cash give back in February 2025, raising total COVID-19 support to $1.62 billion, the largest among Australian health insurers.

• Introduced limit rollover for ahm customers and a $50 million mental health investment over five years.

• Expanded agreements with diagnostic providers to reduce out-of-pocket costs.

• Premiums increased by 3.99% on 1 April 2025, the lowest among the four largest funds and below the industry average.

Growth and claims trends

• Resident policyholder growth reached 2.33% in 2024, with strong new customer acquisition and the largest increase in under-30s with hospital cover since 2012.

• Growth strategies focus on priority segments and customer retention, with Medibank brand volume growth in line with the market.

• Non-resident policy unit growth accelerated in Q1 2025, with increased transitions to resident policies.

• Claims trends remain favorable, with expected claims per policy unit growth for FY25 at 2.4% to 2.6%.