HUNTER-based private health insurer NIB's underlying profit rose by 39.5 per cent to $204.9 million in the 12 months to June 30.
Releasing its results for the 2021 financial year to shareholders on Monday, NIB also reported that its group underlying revenue grew by 2.9 per cent to $2.6 billion.
Managing director Mark Fitzgibbon described the results as "pretty impressive" given the "extraordinary disruption" of the ongoing pandemic.
"Neither FY21 or FY20 can be considered 'normal' given fluctuation in healthcare utilisation and claims experience," he said
"A high level of provisioning in our accounts for deferred claims especially caused a substantial decline in FY20 [UOP] underlying operating profit] while our FY21 claims experience has turned out better than expected," he said.
NIB's Australian residents health insurance (arhi) business added over 26,000 policyholders, growing 4.2% compared to the industry average of 3.1%.
The insurer also announced it will return $15m of its additional claims savings to eligible members in the form of one-off "COVID-19 credits", applied as an automatic adjustment to upcoming premium payments.
"We've supported our members by postponing premium increases, providing premium waivers and suspension options, expanding cover for COVID-19 related treatment at no additional cost while also giving financial and in-kind support for many public health efforts," Mr Fitzgibbon said, adding that collectively the initiatives accounted for over $45 million in value since the onset of the pandemic.
