Medibank Pvt Ltd

MPL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.60	Xrbbf	Kvwrbbwlj

Medibank Earnings: Profit Growth Takes Priority Over Policyholder Growth

Nathan Zaia

Aug 22, 2024

The resilience of private health insurance is illustrated nicely by narrow-moat Medibank's growth in fiscal 2024. Profit for private health insurance increased 6.3%, and the health segment, which encompasses telehealth, in-home care, and GP clinics, grew 36.7%. Add to that the 31.5% uplift to investment income on policyholder and shareholder funds, group underlying net profit after tax rose 14%. The result was just shy of our forecasts, but solid overall.

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