Medibank Private Limited (ASX:MPL), a member of the S&P/ASX 200, released its FY26 full-year results on 20 August 2026, reporting underlying net profit after tax of $636.8 million, up 2.9%. The result demonstrated continued growth in the Medibank brand's resident policyholders, record performance from the Medibank Health division (Amplar Health), and strong momentum in the ahm brand. The company paid out $6.9 billion in total claims and delivered approximately $299 million in customer value through its Members' Choice and Live Better rewards programs.

About the Company

Medibank Private Limited is Australia's largest private health insurer by policyholders, trusted by approximately 6 million people. The company operates two Health Insurance brands — Medibank and ahm — and has a growing health services division through Amplar Health, which delivers GP consults, community nursing, allied health, and telehealth services. Medibank's strategy centres on integrating health insurance and health services to improve member outcomes, reduce unnecessary hospitalisation, and differentiate its offer from traditional insurance-only competitors.

FY26 Results

Underlying NPAT was $636.8 million, up 2.9%. Underlying EPS was 23.1 cents, up 2.9%. Total claims paid were $6.9 billion. Net resident policyholder growth was approximately 22,100 policyholders, up 1.1%. Net non-resident policy unit growth was negative 8,200 units, down 2.3%. Approximately $250.5 million in savings were delivered through Members' Choice and no-gap networks, and $48.6 million in rewards were claimed through Live Better. The Group blended journey NPS averaged 21.9. Amplar Health supported 5.3 million patient interactions, including 4.1 million GP consults across 169 GP and medical clinics. Over half of Medibank resident policyholders are now engaged with the company's health and wellbeing offerings. Following the government's bulk billing reforms, the number of GP clinics in the Medibank network offering no out-of-pocket fees increased by 56%. Community-based services saved an estimated 194,000 hospital bed days. Productivity savings of $10 million delivered in FY26 bring the total to $132.4 million over the past decade.

Distribution

Medibank Private declared an ordinary Dividend of 19.2 cents per share, fully franked, for FY26, representing an increase of 6.7% on the prior year. The company has maintained a consistent fully Franked Dividend track record.

Index Context

Medibank Private is a constituent of the S&P/ASX 200 and is classified within the healthcare sector, occupying a unique position as both a financial services Business (insurance underwriting) and a healthcare services operator (Amplar Health). For S&P/ASX 200 investors, MPL offers exposure to Australia's growing private health insurance participation rate, the structural shift toward integrated health service delivery, and the government's ongoing focus on improving primary care access and bulk billing. The Live Better platform's growing member engagement — with one in three new members citing it as a reason to choose Medibank — represents a durable differentiator in an otherwise commoditised market.

Material Risks and Uncertainties

Private health insurance affordability remains a structural tension: with household budgets under pressure, policyholders may downgrade cover or lapse policies, constraining Revenue growth. The net non-resident policy unit decline of 2.3% reflects a specific demographic exposure that is sensitive to government visa and student visa policy settings. Claims Inflation — if medical costs, hospital fees, or prosthetics prices exceed premium increases — represents an ongoing Margin risk. Amplar Health's financial contribution and Capital requirements as it scales are an evolving variable.

Upcoming Milestones

The government's premium increase determination for FY27 will be a key external variable setting the revenue envelope for the year. Continued expansion of Amplar Health's clinic network and the online doctor service (now open to the general community) will be growth milestones to monitor. The progress of Live Better membership engagement — particularly converting engagement into measurable health outcomes and policyholder retention improvements — will be reported in the FY27 interim results.