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

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.

The Australian health fund recorded net investment income of $120 million, up $2.4 million from the prior year, on the back of an impactful year as policyholders grew by 82,500.

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.
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