• Total Group revenue $1.8 billion, up 7.7% from 1H24
• Group underlying operating profit (UOP) $105.8 million, down 26.7% from 1H24
• Australian residents' policyholder growth at 3.3%, above industry average
• Interim fully franked dividend of 13 cents per share

nib Holdings Ltd reported a 7.7% increase in total Group revenue to $1.8 billion, but a 26.7% decline in Group underlying operating profit to $105.8 million in 1H25. The reduction in 1H25 UOP was anticipated, following unusually high margins in 1H24, and a fall in the New Zealand profit in 1H25 amidst slow economic growth and industry-wide, high claims inflation in New Zealand. Australian Residents Health Insurance (arhi) underlying operating profit was $100.0 million, down 21.4% from 1H24. Margins returned to more sustainable levels, at 7.0% in 1H25. nib's international students and workers business, International Inbound Health Insurance (iihi), performed strongly during 1H25, with policyholder numbers growing 10.6% and underlying operating profit up 11.2% to $12.9 million. nib NZ delivered an underlying operating loss of $10.1 million in 1H25, in line with the company's market outlook, due to high, industry-wide claims growth and challenging economic conditions in New Zealand. nib's NDIS business, nib Thrive, reported an underlying operating profit of $8.4 million, up from $6.4 million in 1H24. nib will pay an interim fully franked dividend of 13 cents per share.

nib confirmed FY25 Group UOP guidance at $235 million to $250 million. arhi FY25 net policyholder growth is forecast at ~3% and arhi margins are expected in the upper end of nib's 6-7% target range.

In 2H25, UOP is expected to be supported by a favourable working day impact, continued strong performance in arhi and iihi, and an expected return to full-year profitability in the New Zealand business. Pricing and management actions are expected to offset inflation.