Highlights

  • FY26 group total income increased 6.2% to AUD 3,854.8 million.
  • Underlying operating profit rose 9.1% to AUD 260.9 million.
  • FY26 net profit after tax was AUD 186.9 million, down 5.9%.
  • The FY26 full-year Dividend was 34 cents per share, including a five-cent special dividend.

nib Holdings Limited operates health-insurance businesses serving Australian residents, international students and workers, and customers in New Zealand, alongside health-related services. nib Holdings Limited (ASX:NHF) shares closed at AUD 6.86 on 10 November 2026. Its 2026 reporting provides detail on financial performance, operating priorities and the factors shaping the next reporting period.

FY26 Income and Underlying Profit

For FY26, nib reported total income of AUD 3,854.8 million, up 6.2% year on year. Insurance Revenue increased 6.5% to AUD 3,685.7 million. Group underlying operating profit increased 9.1% to AUD 260.9 million, supported by performance across several insurance operations and improved productivity. Underlying Profit is a management performance measure and should not be confused with statutory earnings.

Statutory net profit after tax was AUD 186.9 million, down 5.9% from FY25. The divergence between underlying operating profit growth and statutory profit reflects the importance of Investment income, tax and other items outside the underlying measure. For nib (ASX:NHF), reporting both figures helps describe the Business without treating either as a complete measure of performance.

Claims and Operating Costs

Incurred claims increased 7.6% to AUD 2,947.3 million in FY26, faster than the 6.5% rise in insurance revenue. That comparison highlights the continuing importance of claims utilisation and medical-cost trends. The group also reported a reduction in its Operating Expense ratio to 16.6% from 17.7%, showing that operating cost efficiency partly offset pressure elsewhere.

nib (ASX:NHF) operates across different health-insurance markets, each with distinct customer characteristics and claims experience. The FY26 result included a recovery in New Zealand and improved performance in health services. However, profitability in insurance remains sensitive to pricing, claims incidence, regulatory settings and the timing of customer demand.

Dividends and Outlook

The FY26 full-year dividend was 34 cents per share, including a five-cent Special Dividend associated with the sale of the travel business. The final dividend was 21 cents per share, including that special component. Separating ordinary and special distributions matters because a special dividend should not be presumed to recur.

nib (ASX:NHF) indicated a target dividend Payout Ratio of 65–75% and targeted positive underlying operating profit growth in Health and Insurance Services. These are forward-looking objectives, not completed outcomes. Investors following FY27 can assess premium revenue, claims growth, expense efficiency and the contribution from health services against those targets.

Key Insights

nib delivered higher FY26 insurance revenue and underlying operating profit, while statutory Earnings declined and claims grew faster than insurance revenue. For nib Holdings Limited (ASX:NHF), reported outcomes and future expectations should be distinguished, particularly where market conditions and operational execution can change results. For nib Holdings Limited (ASX:NHF), comparisons between reporting periods require consistent definitions. Changes in revenue, profit and asset measures can reflect different drivers, and a single figure does not establish the direction of future results. The next company update will be relevant for checking how the reported operating priorities develop.