nib (NHF) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional land owners and Welcome to Country delivered by Cheryl Smith, Aboriginal Elder of the Newcastle Aboriginal Community, highlighting commitment to reconciliation and community engagement.

• Welcome to attendees in person and online, with introduction of board members, executive team, and external advisors.

• Chairman David Gordon opened the meeting and outlined the agenda, including financial review, strategy update, remuneration, director re-elections, and approval of participation in the Long-Term Incentive Plan.

Financial performance review

• FY24 group revenue reached AUD 3.3 billion, up 9.6%, with underlying operating profit at AUD 257.5 million and net profit after tax at AUD 181.6 million, a 67.4% increase.

• Claims expense rose to AUD 2.5 billion, up 4.2%, with private health insurance claims paid totaling AUD 2.5 billion, up 6.7% year-on-year.

• Full-year dividend declared at AUD 0.29 per share, fully franked, payout ratio 75.7%, a 3.6% increase over the prior year.

• Earnings per share grew to AUD 0.383, and net investment income was AUD 61.7 million, up 12.8%.

• Policyholder growth in Australian resident health insurance was 2.5%, above system growth, with international inbound worker and student insurance policyholder and premium growth of 14.1% and 19% respectively.

Board and executive committee updates

• CEO Mark Fitzgibbon retiring after over 20 years; Ed Close, currently CEO of arhi, appointed as incoming CEO effective December 1, 2024.

• Board comprises David Gordon (Chairman), Jacqueline Chow, Anne Loveridge AM, Jill Watts, Peter Harmer, Donal O'Dwyer, Brad Welsh, and Mark Fitzgibbon.

• Senior management team includes Nick Freeman (CFO), Roslyn Toms (Legal & Risk), and Ed Close (incoming CEO & MD from December 1, 2024).

• Recognition of executive team and their roles in driving growth and innovation.