Australia's nib Holdings faces worst day in 4-1/2 years on rising claims expenses

NIB Holdings

26/08/2024 03:34

** Shares of nib Holdings  NHF.AX  fall as much as 15.7% to
A$6.130, set for worst day since Jan 20, 2020 if current losses
hold
    ** Stock hits its lowest level since Jan 31, 2022  
    ** Insurance provider says its claims expense increased 4.9%
to A$2.1 bln ($1.43 bln) for its Australian Residents Health
Insurance segment in FY24
    ** Hospital costs placing pressure on premiums and
underwriting margins - CEO 
    ** FY24 net profit attributable A$185.6 mln, up 62% from
previous year
    ** Co declares final dividend of 29 Australian cents per
share, compared with 28 Australian cents in previous year
    ** More than 2.7 mln shares change hands, compared with the
30-day average volume of 913,062
    ** NHF down 1.6% YTD, as of last close

($1 = 1.4732 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))