Medibank (ASX:MPL) meets customer demand in FY21 amid Covid-19

Company News

by Lauren Evans

Medibank Private (ASX:MPL) reported net profit after tax of $441.2 million for the year ending 30 Jun 2021 (FY21), up 39.8 per cent from the prior year. This comes after $5.6 billion total claims were paid.

Total revenue increased 2 per cent from the prior year to $691.4 million

The Health business continued to grow with the spread of Covid-19 driving demand for in-home care and telehealth appointments in which Medibank provided around $300 million in support, the largest support package in their 45-year history.

CEO David Koczkar said, “more people continue to prioritise their health and wellbeing and see greater value in private health, given the uncertainty around Covid and heightened pressure on the public system," although Medibank expects industry participation to slow down in FY22. 

The board reported a fully franked final ordinary dividend of 6.9 cents per share, up 9.5 per cent from the prior year.

David continued, “we have delivered a high-quality result underpinned by strong policyholder growth across both brands, our highest ever customer advocacy, growth in Medibank Health, and ongoing focus on management expenses."

Shares in Medibank Private (ASX:MPL) are trading 0.3 per cent lower at $3.53.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.