Medibank Private Ltd
(ASX:MPL) has reported that its net profit after tax surged over 46% to $417.6 million.
The private health insurer says its FY16 results were driven by hospital utilisation rates that were “lower than expected”. The company paid out $5.1 billion in claims.
Also, Medibank says it had soft revenue growth because of its brand underperforming and a “slowing market”.
The company declared a final dividend of 6 cents per share, fully franked. This brings its full year dividend to 11 cents per share.
