Key highlights

  • Medibank reported underlying NPAT of $636.8 million, up 2.9%, in its 20 August 2026 results.
  • The ordinary Dividend was 19.2 cents per share fully franked, up 6.7%, at an 83.0% payout ratio.
  • For FY27 the company expects Medibank Health segment profit growth of around 25%, including a full-year contribution.

Medibank Private Limited (ASX:MPL) released its 2026 full year results on 20 August 2026. The announcement set out earnings, policyholder trends, dividends and expectations for FY27 across its Health Insurance and health services businesses.

About Medibank

Medibank is a private health insurer that says it serves about 6 million people. It operates the Medibank and ahm brands and a non-resident health insurance business, and its Medibank Health segment includes Amplar Health, which runs general practice and medical clinics and delivers patient services.

Earnings and dividend

Group operating profit rose 6.7% to $813.5 million. Underlying NPAT was $636.8 million, up 2.9%, and underlying EPS was 23.1 cents, up 2.9%. NPAT attributable to shareholders was $638.7 million, up 27.5% from $500.8 million. Group Revenue from external customers rose 5.9% to $9,115.2 million.

The total ordinary dividend was 19.2 cents per share fully franked, up 6.7%, including a final dividend of 10.9 cents. This represents an 83.0% payout ratio, within the company’s range of 75% to 85% of underlying NPAT. Non-recurring cybercrime costs of $34.9 million were included in the year.

Policyholders and health insurance

Net resident policyholder growth was 22,100, or 1.1%, while non-resident policy units fell by 8,200, or 2.3%. Resident operating profit rose 3.8% to $769.8 million with the Operating Margin stable at 9.0%. Medibank said total claims paid were $6.9 billion and that it delivered about $299 million of customer value through its Members’ Choice and no-gap networks and its Live Better rewards program.

The company noted that household budgets remain under pressure and that the claims Payout Ratio remains above the industry average. It also reported a further $10 million in productivity savings, bringing the total to $132.4 million.

Medibank Health and FY27 outlook

Medibank Health delivered what the company described as another record result. Amplar Health supported 5.3 million patient interactions, and the number of general practice clinics in its network charging no out-of-pocket fees rose by 56% following government bulk billing reforms.

For FY27, the company expects resident gross margin to be broadly consistent with FY26, non-resident health insurance to deliver Gross Profit growth, and Medibank Health segment profit to grow by around 25%. It expects remaining cybercrime-related costs to be less than $20 million.

Risks to consider

Private health insurance Earnings are influenced by claims utilisation, hospital cost indexation, premium approvals and policyholder numbers. The company said non-resident policy units declined in FY26.

The release highlights cost-of-living pressure on households and system strain in the health sector. Cybercrime-related costs are still being incurred. The FY27 outlook points are forward-looking, and Medibank Health’s growth relies partly on a full-year contribution from recent activity.

Catalysts to watch

Items to watch include FY27 resident gross margin relative to FY26, non-resident gross profit growth, Medibank Health segment profit growth of around 25%, the remaining cybercrime costs of less than $20 million, and dividend payments within the 75% to 85% payout range.