Here is what expected from NIB Holdings’ (ASX: NHF) in FY24

4 min read | February 05, 2024 11:07 AM AEDT | By Team Kalkine Media

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Here is what expected from NIB Holdings’ (ASX: NHF) in FY24 — Image source: Pexels

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Highlights

NIB Holdings is a health insurance service provider which offers its services in Australia and New Zealand

In the first four months of FY24, the company reported 13.2% YoY rise in revenue

The Vanguard Group has the maximum stake in NHF, with a shareholding of ~4.99%

ASX-listed health insurance service company, NIB Holdings Limited (ASX:NHF) provides medical and health insurance to New Zealand and Australian residents, in addition to health insurance to international workers and students in Australia.

The AUD 3.87 billion-market cap company witnessed 13.2% YoY increase in revenue in first four months of the financial year 2024 (FY24), excluding Qantas for the July to October 2023 period. The contract with Qantas ended in July 2023.

The period witnessed a 4.2% and 10.5% increase in arhi policyholders and premium revenue, respectively. Iihi policyholders and premium revenue grew by 17.5% and 24.7%, while New Zealand policyholders and premium revenue grew by 2.7% and 13.4%, respectively. Nib Travel recorded a fall in its operating income and sales.

Yearly financial performance

In FY23, the company saw a 10.9% YoY rise in group revenue to AUD 3,064.6 million, 42.8% YoY increase in net profit after tax to AUD 191.1 million and 39.9% YoY surge in statutory EPC to 41.4 cents.

During the reported period, the company witnessed policyholder growth across the Australian residents, international workers and student, and New Zealand business. The period also saw recovery from nib travel.

Top 10 shareholders of NHF

The top 10 shareholders of NHF have around 15.58% shareholding in the company, while the top four have nearly 9.92% shareholding. The top two shareholders of NHF are The Vanguard Group, Inc. and Vanguard Investments Australia Ltd. with a shareholding of ~4.99% and ~1.75%, respectively.

Recent business update

On 2 February 2024, the company notified that it is due to release its half year results for FY24 on 26 February 2024.

Outlook

In FY24, the company expects its arhi net policyholder to grow by 3-4% and New Zealand net residents PHI policyholder to increase by 3-4%. The company expects to see improvement in nib Travel profitability on the back of a continuing resurgence in travel. iihi business is expected to have stabilized margins and rebound in student policyholders.

By FY25, nib Thrive is expected to register around 50,000 participants.

The company is focusing on the consolidation of several businesses and realization of cost synergies.

Share performance of NHF

NHF shares closed 0.37% down at AUD 7.98 apiece on 5 February 2024. With this, NHF’s share price increased by 2.97% in the last one year and surged by 8.44% in the past three months.

The 52-week high of NFH is AUD 8.95, recorded on 21 June 2023, and the 52-week low is AUD 6.74, recorded on 20 March 2023.

NHF Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 05 February 2024. The reference data in this report has been partly sourced from EODHD/Others.

Disclaimer

This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.

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