Medibank reports strong 2024 growth with focus on health, sustainability
Medibank reports strong 2024 growth with focus on health, sustainability | Insurance Business Australia
Insurance News
Medibank reports strong 2024 growth with focus on health, sustainability
Key achievements in 2024 highlighted
Insurance News
By
Jonalyn Cueto
Medibank has released its 2024 annual and sustainability reports, highlighting its commitment to delivering better health outcomes and advancing Australia’s healthcare system. The reports detail key achievements, with its central purpose, “Better Health for Better Lives,” continuing to guide its efforts.
Throughout 2024, the company invested in preventive healthcare, homecare programs, and virtual health services to ensure accessible and affordable care.
Financial performance
Medibank’s financial results for the year ending June 30, 2024, showed robust growth. Group revenue from external customers increased by 4.7%, totalling $8.18 billion. The company’s health insurance operating profit rose 6.3% to $692.3 million, while Medibank Health saw a 36.7% increase in segment profit, driven by organic growth and investments in Myhealth.
Despite higher operating costs, including those from cybercrime-related security enhancements, the company maintained strong profitability. Net profit after tax attributable to shareholders surged by 59.6% to $492.5 million, reflecting solid performance across its resident and non-resident insurance portfolios.
Medibank noted that the company’s resilience, particularly in its core health insurance business, reflects a disciplined approach to managing growth in a competitive market. The company added 14,400 new resident policyholders, increasing its portfolio by 0.7%, with the ahm brand growing by 3.4%.
Focus on health and wellbeing
The company reported over four million primary care interactions through Amplar Health and Myhealth, along with significant savings of 193,000 hospital bed days through prevention and homecare programs. Nearly half of Medibank policyholders engaged with its health and wellbeing services.
By simplifying processes and fostering more autonomous teams, Medibank has also made strides toward creating a healthier work environment. Eighty-five percent of employees reported having the flexibility to balance their work and personal lives.
Sustainability and social responsibility
Medibank advanced its environmental, social, and governance (ESG) objectives, with 64% of its electricity sourced from renewable energy as of June 30, 2024.
The company invested over $3.3 million in community initiatives and spent $4.4 million with Aboriginal and Torres Strait Islander businesses.
Outlook
Medibank plans to expand its health services further, focusing on customer care models that enhance choice and reduce hospitalizations. By increasing investment in primary care and broadening partnerships in areas, such as mental health and orthopaedics, the company aims to build a more sustainable health system.
Looking ahead to 2025, Medibank will continue prioritizing growth in key customer segments. Despite the challenging economic environment, the company remains focused on improving its service offerings while maintaining affordability for consumers.
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