Full Year 2024 Medibank Private Ltd Earnings Call Transcript
Key Points
- Medibank Pvt Ltd (ASX:MPL) delivered a solid financial result with a 6.3% increase in health insurance operating profit to $692.3 million.
- The company achieved a 14.1% increase in underlying net profit after tax, reaching $570.4 million.
- Medibank Health segment profit rose by 36.7% to $60.4 million, driven by strong organic growth and contributions from Myhealth.
- The company announced an additional $305 million in COVID give back to customers, bringing total customer support to $1.46 billion.
- Medibank Pvt Ltd (ASX:MPL) maintained a strong capital position, declaring a final fully franked ordinary dividend of $0.094 per share.
- Management expenses increased by 30 basis points, reflecting higher sales commissions and cost inflation.
- The competitive market environment led to a modest increase in customer lapses and higher acquisition costs.
- Despite growth, the net resident policyholder growth of 0.7% was below the company's expectations.
- The company faced ongoing challenges with hospital claims, particularly in non-surgical areas such as mental health and rehab.
- Cybersecurity costs related to the previous cybercrime incident continue to impact financials, with an expected similar spend in FY25.
Good morning, everyone, and welcome to Medibank's 2024 full year financial results presentation. Joining you today from Naa, the home of the Wurundjeri Woi Wurrung peoples.
On behalf of Medibank, I'd like to acknowledge the Traditional Owners and Custodians of country throughout Australia and their connections to land, sea and community, and I pay my respects to their Elders past, present and emerging.
I'm joined today by our executive leadership team, including our Group Lead, Chief Financial Officer and Group Strategy, Mark Rogers. I'll make some comments on our key highlights, and then Mark will take you through the financials. I'll then wrap up with our outlook and then really happy to take your questions.
Starting on slide 5, the highlights. By staying focused on our customers, investing in the health transition and growing as a health company, we've delivered another solid result. Despite customers feeling under pressure with the rising cost of living, people are continuing to prioritize
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