NIB Holdings’ (ASX:NHF) FY22 profit falls on volatile financial markets

2 min read | August 22, 2022 02:46 PM AEST | By Ritwika

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Highlights:

NIB Holdings released its FY22 results on the ASX today (22 August 2022).

The company's underlying operating profit and revenue gained 14.8% and 7.2% respectively.

However, NIB's NPAT was down 16.6% due to losses in investment.

The company announced final dividend of 11 cents per share to be paid on 4 October 2022.

Australian insurance company NIB Holdings Limited (ASX:NHF) released its financial results for FY22 ended on 30 June 2022. The company believes that it has delivered strong results in the given period, featuring a significant gain in its underlying revenue and operating profit.

Buoyed by this significant announcement on the ASX, NIB's shares began trading in green and were quoted 6.671% up at AU$7.755 per share at 1:21 PM AEST today (22 August).

Key highlights of NIB's FY22 financial results:

The private health insurer has reported a gain of 14.8% on its group underlying operating profit in FY22. NIB delivered an underlying operating profit worth AU$253.3 million.
The company has delivered an underlying group revenue of AU$2.8 billion, up 7.2% on previous corresponding period.
NIB's net profit after tax (NPAT) stood at AU$133.8 million in FY22, down 16.6% from the previous corresponding period. The company's NPAT was a direct indication of NIB's losses in investment returns due to volatile financial markets.
Hence, the losses in FY22 represented a negative swing of AU$81.8 million against the previous year's earnings of AU$51.8 million.
Meanwhile, NIB's earnings per share (EPS) stood at 29.6 Australian cents by the end of FY22, against 35.2 Australian cents in FY21 (the previous corresponding period).
During the given financial year, NIB increased the value of support measures to AU$100 million to assist its members, travellers, and community members in recognition of the impact of COVID-19.

What did the management of NIB say?

NIB's dividend distribution plan:

The board of the insurance company determined to pay a fully franked full-year dividend of 22 Australian cents per share to its eligible shareholders based on its earnings in FY22. The dividend amount includes a final dividend of 11 Australian cents per share.

The company is likely to go ex-dividend on 5 September 2022 and is expected to pay the dividend to its shareholders on 4 October 2022.

Further, NIB's board also confirmed that its Dividend Reinvestment Plan would be available for the final dividend for eligible shareholders.

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