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Australian health insurer Nib Holdings expects fiscal year profit above guidance

Nib Holdings Ltd. said it expects its group underlying operating profit for the fiscal year to June 30 to be about A$184 million, higher than the previous guidance of A$165 million thanks to a benign claims environment, particularly in its Australian residents health insurance business.

Group statutory operating profit is expected to be approximately A$169 million, compared to previous guidance of A$148 million. The company will report results for the fiscal year Aug. 20.

The previous guidance was premised on a net margin in the residents health insurance business toward the upper end of its 5% to 6% target range, but the company now expects the margin to be closer to 6.9%. Managing Director Mark Fitzgibbon said that although guidance for the fiscal year to June 2019 is still being finalized, the company expects the net margin in residents health insurance to move back toward the top end of the 5% to 6% range.