Highlights

  • FY26 group operating profit reached AUD 813.5 million, an increase of 6.7%.
  • Underlying net profit after tax was AUD 636.8 million, up 2.9%.
  • Medibank Health Revenue reached AUD 634.8 million as healthcare services expanded.
  • The FY26 final Dividend was 10.9 cents per share, fully franked.
  • The Annual General Meeting is scheduled for 18 November 2026.

Medibank Private Limited (ASX:MPL) provides private Health Insurance and health services across Australia through its Medibank, ahm and Amplar Health businesses. Its FY26 results, announced in August 2026, reflected growth in insurance operations and healthcare delivery alongside continued spending on customer services and technology.

FY26 Earnings and Insurance Performance

Medibank (ASX:MPL) reported group revenue from external customers of AUD 9,115.2 million for the year ended 30 June 2026, an increase of 5.9%. Group operating profit rose 6.7% to AUD 813.5 million. Underlying net profit after tax increased 2.9% to AUD 636.8 million, while statutory profit attributable to shareholders reached AUD 638.7 million, up 27.5%.

The Health Insurance segment remained the principal earnings contributor. Resident premium revenue increased 4.5% to AUD 8,267.9 million, while segment operating profit reached AUD 769.8 million, up 3.8%. Medibank (ASX:MPL) reported 22,100 net additional resident policyholders, including growth across both its principal insurance brands. Non-resident policy units, however, declined 2.3% to 346,200.

Net Investment income fell 13.9% to AUD 178.9 million.

Healthcare Expansion and Customer Engagement

Medibank Health generated AUD 634.8 million of revenue in FY26, an increase of 30.8%, while segment profit rose 31.3% to AUD 100.7 million. Expansion included the Better Medical Acquisition and a primary care network of 169 clinics. Medibank (ASX:MPL) is targeting at least AUD 200 million in segment earnings by FY30, although this remains a company objective rather than an achieved result.

The Live Better programme exceeded one million members, and the company reported nearly AUD 49 million of rewards claimed during FY26. It also reported AUD 6.9 billion in claims paid and more than four million GP consultations supported through its healthcare network.

Dividends, Capital and Outlook

Medibank (ASX:MPL) declared a fully franked final dividend of 10.9 cents per share, bringing FY26 dividends to 19.2 cents per share, up 6.7%. The full-year distribution represented 83.0% of underlying profit, within the stated 75%–85% payout range. The final dividend was paid on 8 October 2026.

Health Insurance required capital was AUD 1,197.4 million, with a required capital ratio of 13.3%. This exceeded the company’s 10%–12% target range and included a temporary AUD 250 million supervisory adjustment. Medibank (ASX:MPL) expects FY27 Medibank Health segment profit growth of approximately 25%, including a full-year contribution from Better Medical.

Annual Meeting and Principal Risks

The 2026 annual general meeting is scheduled for 18 November in Melbourne, with online participation available. Resolutions include director elections, the remuneration report and proposed performance rights for the chief executive.

Medibank (ASX:MPL) remains exposed to health claims inflation, insurance affordability, competition, regulatory capital requirements and acquisition integration. The company also reported AUD 34.9 million of FY26 costs associated with its cyber incident and related matters. It expects FY27 costs below AUD 20 million, excluding any outcomes of investigations or litigation; those outcomes remain uncertain.

Key Insights

Medibank’s FY26 figures show moderate insurance profit growth alongside faster expansion in health services. The contrast between statutory and underlying earnings, the capital position and the sustainability of healthcare segment growth are central considerations for interpreting its performance.