Private Health Care Insurer NIB Holdings Ltd
(ASX:NHF) has delivered a 158 per cent rise in net profit to $61.5 million for the twelve months to 30 June.
The company attributed strong investment performance of $4.5 million, or a 10.5 per cent return for the result.
A final dividend of five cents fully franked has been declared.
Managing Director Mark Fitzgibbon says the year has seen organic growth of 5.9 per cent, more than double the industry average of 2.9 per cent, noting that a key reason for success is the company’s focus on targeting the 20-39 year age bracket, and gaining increased market share in Victoria.
Mr Fitzgibbon says improved profitability and strong investment returns lifted earnings per share to 12.4 cents, up more than 160 per cent, and the first time that NIB has exceeded its 15 per cent return in equity target, achieving a return of 16.3 per cent.
Looking ahead NIB is forecasting a net underwritten margin of between 4.9% to 5.4% and an underwriting pre-tax result of between $50-$55 million.
NIB Holdings reported a profit of $23.8 million for the year to the 30 June 2009.
