Private health insurer NIB Holdings Ltd
(ASX:NHF) has acquired the business and assets of IMAN International for $25 million.
Otherwise known as International Medical Assistance Network, IMAN is a specialist provider of health cover for temporary migrant workers in Australia.
Managing Director Mark Fitzgibbon says the acquisition will broaden nib’s health insurance business into an attractive, high growth, higher margin market segment.
Mr Fitzgibbon says nib believes the market for overseas workers has outstanding growth potential given the national skill shortage.
The company says it will fund the purchase from existing surplus capital resources.
According to Mr Fitzgibbon, the acquisition of IMAN will lift nib’s earnings and keep it on track to maintain double digit underlying earnings growth.
Nib says it has a strong balance sheet and surplus capital and is in a good position to continue to pursue acquisition and consolidated opportunities.
Nib Holdings net profit after tax for the 2009 financial year came to $23.79 million.
