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Medibank Private Ltd
XMUN:MPV

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Medibank Private Ltd Logo
Medibank Private Ltd
XMUN:MPV
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Price: 2.94 EUR Market Closed
Market Cap: €8.1B

Medibank Private Ltd
Investor Relations

Medibank Private Ltd is one of Australia’s largest private health insurers. It sells health insurance policies to individuals, families, and employers, helping pay for hospital care, specialist treatment, and extras such as dental or optical cover. It also offers health-related services that help members manage their care and access medical treatment more easily. The company makes most of its money from insurance premiums. Customers pay regular premiums for cover, and Medibank uses that pool of money to pay claims and run the business. It also earns income from related health services and products tied to its insurance relationships. What makes Medibank different is that it sits at the center of the private healthcare system: it is not a hospital or doctor network, but a payer that connects members, providers, and healthcare services. That means its business depends on pricing risk well, managing claims, and keeping members satisfied with the cover and support it provides.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Feb 18, 2026
AI Summary
Q2 2026

Profit Growth: Medibank delivered a 6% increase in group operating profit to $381.7 million, supported by strong health insurance and Medibank Health performance.

Dividend Increase: The interim dividend was raised to $0.083 per share, up 6.4% and representing a 76.8% payout of underlying net profit after tax.

Health Insurance Momentum: Resident policyholders grew 1.9%, with improved retention and growth momentum in both Medibank and ahm brands.

Medibank Health Expansion: Medibank Health segment profit rose 28.5% and revenue grew 27.5%, boosted by organic growth and the Better Medical acquisition.

Expense Guidance: Operating expenses rose 5.4% but management reaffirmed full-year expense guidance of $690–$695 million with $10 million in expected productivity savings.

Claims & Margin Stability: Claims inflation guidance was maintained at 2.6%–2.9% per policy unit, with gross margins broadly stable due to disciplined growth and favorable mix.

Strategic M&A: The Better Medical acquisition strengthens Medibank’s primary care network, and management signaled ongoing appetite and capacity for further acquisitions.

Outlook Unchanged: The company reaffirmed its FY26 outlook, expecting continued disciplined market share growth and ongoing investment in health transformation.

Key Financials
Group Operating Profit
$381.7 million
Underlying EPS
$0.108 per share
Interim Dividend
$0.083 per share
Dividend Payout Ratio
76.8%
Resident Policyholder Growth
1.9%
Medibank Brand Policyholder Growth
0.8%
ahm Policyholder Growth
4.9%
Medibank Health Segment Profit
$48.3 million
Medibank Health Operating Margin
17.7%
Gross Margin (Health Insurance)
16.2%
Health Insurance Operating Profit
$361.5 million
Health Insurance Operating Margin
8.5%
Health Insurance Expense Ratio
7.7%
Resident Claims Growth Per Policy Unit
2.5%
Nonresident Gross Profit
$55.6 million
Nonresident Gross Margin
35.6%
Underlying Net Investment Return
2.74%
Capital Ratio
13.8% of premium revenue
Capital Multiple (PCA)
1.9x
Earnings Call Recording
Other Earnings Calls
2026

Management

Mr. David Koczkar B.Com., MAICD, PGDipFinance
CEO, MD & Director
No Bio Available
Mr. Mark Rogers B.Sc., BEng (Hons)
Group Lead - Chief Financial Officer & Group Strategy
No Bio Available
Dr. Andrew Wilson FACHSE, FRANZCP, M.M., MBBS
Group Chief Medical Officer
No Bio Available
Mr. Milosh Milisavljevic
Group Lead - Chief Customer Officer
No Bio Available
Mr. Robert Read B.A., BA(Psych), BComm(Mgt), GAICD
Group Lead ? Amplar Health
No Bio Available
Ms. Felicia Trewin
Group Lead ? Data & Technology
No Bio Available
Colette Campbell
Senior Executive of Investor Relations
No Bio Available
Ms. Mei Ramsay B.A., L.L.B., L.L.M.
Group Lead ? Trust, Legal, Group General Counsel & Company Secretary
No Bio Available
Mr. Tom Exton
Group Lead - Chief Risk & Compliance Officer
No Bio Available
Emily Ritchie
Senior Executive of External Affairs
No Bio Available

Contacts

Address
VICTORIA
Melbourne
720 Bourke Street, Docklands
Contacts
+61386225780.0
www.medibank.com.au
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