APRA reports on operations of private health insurers in 2022

Premiums and other amounts payable to the fund;
Fund benefits and other amounts payable to the fund;
Management expenses;
The fund’s balance as of the end of the financial year; and
How the fund’s assets have been invested.

According to APRA, the Australian private health insurance (PHI) industry’s total revenue for FY21-22 was $26,289,339 (all figures, including below, in $’000).

Among the insurers, Medibank Private Limited (Medibank or MPL) had the highest revenue, with $6,732,267. It was followed closely by BUPA Australia Pty Limited (BUPA) with $6,527,987, Hospitals Contribution Fund of Australia Limited (HCF) with $3,350,051, and NIB Health Funds Limited (NIB) with $2,289,351.

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Focusing on expenses, the report showed that the Australian PHI industry’s total expenses for FY21-22 were $2,731,162. This time, BUPA had the highest expenses, with $647,990. It was followed by MPL with $521,054, HCF with $359,922, and NIB with $290,254.

Regarding assets, the Australian PHI industry reported a total of $19,750,997 for the same period, where MPL dominated other insurers by having total assets of $4,090,317. It was followed by BUPA with $3,866,404, HCF with $3,083,266, and HBF Health Limited (HBF) with $2,006,6933.

See the rest of the data on the APRA website. The PHI data follows APRA’s latest annual general insurance statistics.