Australia's Nib Holdings rises on favourable outlook, results meet expectations

NIB Holdings

22/08/2022 02:54

** Shares of Nib Holdings  NHF.AX  rise as much as 5.5% to
A$7.67, their biggest intraday pct gain since Jan. 28
    ** Medical insurance firm sees favourable market conditions
for each of its businesses in FY23 and beyond  urn:newsml:reuters.com:*:nASXF9PQF
    ** Posts about 17% drop in fiscal 2022 net profit after tax
A$133.8 mln ($92.04 mln) - principally due to investment losses
    ** Says HY group underlying revenue rose 7.2% to A$2.8 bln
    ** Australian Residents Health Insurance business (arhi)
grew 3.2%, well above what we expect the industry will report -
Managing Director Mark Fitzgibbon
    ** Stock touches its highest levels since July 18
    ** NHF among top gainers on the benchmark ASX 200  .AXJO 
index
    ** Citi analysts say results largely in line with consensus
but note investment earnings significantly lower than
expectations
    ** Stock up about 3.7% this year, as of last close

    ($1 = 1.4537 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))