FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
Dis
clai
mer
The
mat
eria
l in
this
pre
sent
atio
n is
a s
umm
ary
of th
e re
sults
of n
ib h
oldi
ngs
limite
d (n
ib) f
or th
e 12
mon
ths
ende
d 30
Jun
e 20
16 a
nd a
n up
date
on
nib’
s ac
tiviti
es a
nd is
cur
rent
at t
he d
ate
of
prep
arat
ion,
22
Aug
ust 2
016.
Fur
ther
det
ails
are
pro
vide
d in
nib
’s fu
ll ye
ar a
ccou
nts
and
resu
lts a
nnou
ncem
ent r
elea
sed
on 2
2 A
ugus
t 201
6.Th
is p
rese
ntat
ion
is n
ot a
fina
ncia
l pro
duct
or i
nves
tmen
t adv
ice
or re
com
men
datio
n, o
ffer o
r inv
itatio
n by
any
per
son
or to
any
per
son
to s
ell o
r pur
chas
e se
curit
ies
in n
ib in
any
juris
dict
ion.
Th
is p
rese
ntat
ion
cont
ains
gen
eral
info
rmat
ion
only
and
doe
s no
t tak
e in
to a
ccou
nt th
e in
vest
men
t obj
ectiv
es, f
inan
cial
situ
atio
n an
d pa
rticu
lar n
eeds
of i
ndiv
idua
l inv
esto
rs. I
nves
tors
sho
uld
mak
e th
eir o
wn
inde
pend
ent a
sses
smen
t of t
he in
form
atio
n in
this
pre
sent
atio
n an
d ob
tain
thei
r ow
n in
depe
nden
t adv
ice
from
a q
ualif
ied
finan
cial
adv
iser
hav
ing
rega
rd to
thei
r obj
ectiv
es,
finan
cial
situ
atio
n an
d ne
eds
befo
re ta
king
any
act
ion.
Th
e di
strib
utio
n of
this
pre
sent
atio
n in
clud
ing
in ju
risdi
ctio
ns o
utsi
de A
ustra
lia, m
ay b
e re
stric
ted
by la
w. A
ny p
erso
n w
ho re
ceiv
es th
is p
rese
ntat
ion
mus
t see
k ad
vice
on
and
obse
rve
any
such
rest
rictio
ns. N
othi
ng in
this
pre
sent
atio
n co
nstit
utes
an
offe
r or i
nvita
tion
to is
sue
or s
ell,
or a
reco
mm
enda
tion
to s
ubsc
ribe
for o
r acq
uire
sec
uriti
es in
any
juris
dict
ion
whe
re it
is u
nlaw
ful
to d
o so
.A
n in
vest
men
t in
nib
secu
ritie
s is
sub
ject
to in
vest
men
t and
oth
er k
now
n an
d un
know
n ris
ks, s
ome
of w
hich
are
bey
ond
the
cont
rolo
fnib
. nib
doe
s no
t gua
rant
ee a
ny p
artic
ular
rate
of r
etur
n or
the
perfo
rman
ce o
f nib
sec
uriti
es.
No
repr
esen
tatio
n or
war
rant
y, e
xpre
ss o
r im
plie
d, is
mad
e as
to th
e fa
irnes
s, a
ccur
acy,
relia
bilit
y, c
ompl
eten
ess
or c
orre
ctne
ss o
f inf
orm
atio
n co
ntai
ned
in th
is p
rese
ntat
ion,
incl
udin
g th
e ac
cura
cy, l
ikel
ihoo
d of
ach
ieve
men
t or r
easo
nabl
enes
s, fa
irnes
s, a
ccur
acy,
relia
bilit
y, c
ompl
eten
ess
or c
orre
ctne
ss o
f any
fore
cast
s, p
rosp
ects
, ret
urns
or s
tate
men
ts in
rela
tion
to fu
ture
m
atte
rs c
onta
ined
in th
e pr
esen
tatio
n (“
forw
ard-
look
ing
stat
emen
ts”)
. Whi
lst t
he fo
rwar
d-lo
okin
g st
atem
ents
are
bas
ed o
n cu
rren
tvie
ws,
exp
ecta
tions
and
bel
iefs
as
at th
e da
te th
ey a
re
expr
esse
d, s
uch
forw
ard-
look
ing
stat
emen
ts a
re b
y th
eir n
atur
e su
bjec
t to
sign
ifica
nt u
ncer
tain
ties
and
cont
inge
ncie
s an
d ar
e ba
sed
on a
num
ber o
f est
imat
es a
nd a
ssum
ptio
ns th
at a
re
subj
ect t
o ch
ange
(and
in m
any
case
s ar
e ou
tsid
e th
e co
ntro
l of n
ib a
nd it
s D
irect
ors)
whi
ch m
ay c
ause
the
actu
al re
sults
or p
erfo
rman
ce o
f nib
to b
e m
ater
ially
diff
eren
t fro
m a
ny fu
ture
re
sults
or p
erfo
rman
ce e
xpre
ssed
or i
mpl
ied
by s
uch
forw
ard-
look
ing
stat
emen
ts. A
ccor
ding
ly, t
here
can
be
no a
ssur
ance
or g
uara
ntee
that
thes
e fo
rwar
d-lo
okin
g st
atem
ents
will
be re
alis
ed.
This
pre
sent
atio
n pr
ovid
es in
form
atio
n in
sum
mar
y fo
rm o
nly
and
is n
ot in
tend
ed to
be
com
plet
e. It
is n
ot in
tend
ed to
be
relie
d up
on a
s ad
vice
to in
vest
ors
or p
oten
tial i
nves
tors
and
doe
s no
t ta
ke in
to a
ccou
nt th
e in
vest
men
t obj
ectiv
es, f
inan
cial
situ
atio
n or
nee
ds o
f any
par
ticul
ar in
vest
or.
The
finan
cial
info
rmat
ion
disc
lose
d ha
s be
en p
repa
red
on a
sta
tuto
ry b
asis
, whi
ch is
con
sist
ent w
ith th
e fin
anci
al in
form
atio
n pr
ovid
ed in
nib
’s L
istin
g P
rosp
ectu
s. D
ue c
are
and
cons
ider
atio
n sh
ould
be
unde
rtake
n w
hen
cons
ider
ing
and
anal
ysin
g ni
b’s
finan
cial
per
form
ance
. All
refe
renc
es to
dol
lars
are
to A
ustra
lian
Dol
lars
unl
ess
othe
rwis
e st
ated
.To
the
max
imum
ext
ent p
erm
itted
by
law
, nei
ther
nib
nor
its
rela
ted
corp
orat
ions
, Dire
ctor
s, o
ffice
rs e
mpl
oyee
s or
age
nts,
nor
any
oth
er p
erso
n, a
ccep
ts a
ny li
abilit
y (d
irect
, ind
irect
or
cons
eque
ntia
l) in
clud
ing,
with
out l
imita
tion,
any
liab
ility
aris
ing
from
faul
t or n
eglig
ence
, for
any
loss
wha
tsoe
ver a
risin
gfro
m th
e us
e of
this
pre
sent
atio
n or
its
cont
ents
or o
ther
wis
e ar
isin
g in
co
nnec
tion
with
it (w
heth
er fo
rese
eabl
e or
not
). Th
is p
rese
ntat
ion
shou
ld b
e re
ad in
con
junc
tion
with
oth
er p
ublic
ly a
vaila
ble
mat
eria
l. Fu
rther
info
rmat
ion
incl
udin
g hi
stor
ica l
resu
lts a
nd a
des
crip
tion
of th
e ac
tiviti
es o
f nib
is a
vaila
ble
on o
ur
web
site
: ww
w.n
ib.c
om.a
u/sh
areh
olde
rs
As
refe
renc
ed in
this
pre
sent
atio
n, if
ther
e is
a c
hang
e pe
rcen
tage
incr
ease
or (
decr
ease
) bet
wee
n FY
15 a
nd F
Y16
the
chan
ge s
how
n is
the
diffe
renc
e be
twee
n th
ose
two
perc
enta
ges.
Any
dis
crep
anci
es b
etw
een
tota
ls a
nd s
ums
of c
ompo
nent
s in
this
pub
licat
ion
are
due
to ro
undi
ng.
All
figur
es q
uote
d ar
e in
Aus
tral
ian
dolla
rs u
nles
s ot
herw
ise
stat
ed.
For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
Gro
up re
venu
e1gr
ew b
y $2
33.8
m (▲
14.3
%) t
o $1
.9b
with
und
erly
ing
oper
atin
g pr
ofit2
(UO
P) u
p by
$4
4.0m
(▲49
.9%
) to
$132
.0m
3 (s
tatu
tory
ope
ratin
g pr
ofit
of $
120.
8m ▲
47.9
%).
All
busi
ness
seg
men
ts g
rew
and
im
prov
ed U
OP
.
arhi
with
org
anic
gro
wth
of 1
9,50
1 po
licie
s gr
ew 3
.8%
in a
ver
y co
mpe
titiv
e m
arke
t and
with
a h
ighe
r gro
ss m
argi
n in
crea
sed
UO
P b
y $2
2.6m
.
Bus
ines
ses
othe
r tha
n ar
hi in
crea
sed
UO
P b
y 13
2% to
$37
.5m
and
acc
ount
ed fo
r 28.
4% o
f Gro
up U
OP
(com
pare
d to
18.
3% in
FY
15).
With
in th
is, W
orld
Nom
ads
Gro
up m
ade
inau
gura
l con
tribu
tion
of $
9.7m
. nib
NZ
doub
led
UO
P to
$1
7.3m
.
arhi
net p
rom
oter
sco
re o
f 17.
7 co
mpa
red
with
20.
7 in
FY
15. S
ome
med
ia c
over
age
host
ile to
the
indu
stry
was
un
help
ful.
Ong
oing
div
ersi
ficat
ion
(Wor
ld N
omad
s G
roup
), in
nova
tion
(Qan
tas
Ass
ure)
and
dis
rupt
ion
(Whi
teco
at).
Snap
shot
Und
erly
ing
busi
ness
per
form
ance
4
1E
xclu
des
non-
recu
rrin
g pr
ofit
from
sal
e of
New
cast
le o
ffice
bui
ldin
g.2
UO
P is
com
pris
ed o
f und
erw
ritin
g re
sult,
oth
er in
com
e an
d ex
pens
es in
clud
ing
non-
unde
rwrit
ing
busi
ness
es. I
t exc
lude
s am
ortis
atio
n of
acq
uire
d in
tang
ible
s, o
ne-o
ff tra
nsac
tions
, M&
A c
osts
, fin
ance
cos
ts,
net i
nves
tmen
t inc
ome
and
inco
me
tax.
3 ni
b’s
stat
utor
y op
erat
ing
prof
it in
clud
es $
11.2
m in
am
ortis
atio
n of
acq
uire
d in
tang
ible
s an
d on
e-of
f tra
nsac
tions
and
M&
A c
osts
.
For
per
sona
l use
onl
y
Snap
shot
Gro
up p
rofit
abili
ty
5
•N
et in
vest
men
t inc
ome
of $
16.9
m w
as lo
wer
than
FY
15
($31
.4m
). P
revi
ous
year
incl
uded
one
-off
prof
it on
sal
e of
sha
res
in P
SG
($5.
4m).
•N
et P
rofit
Afte
r Tax
of $
91.8
m (▲
22.0
%),
EP
S o
f 21
.2cp
s (F
Y15
: 17.
3cps
).
•Fi
nal o
rdin
ary
divi
dend
of 9
.0cp
s (▲
50.0
%),
fully
fra
nked
(14.
75cp
s fo
r ful
l yea
r ▲28
.3%
). TS
Rof
30.
0%
vers
us (0
.5)%
for A
SX2
00.
Sou
rce:
Blo
ombe
rg
-30
-1010305070
Jul 1
5Au
g 15
Oct
15
Dec
15
Feb
16A
pr 1
6Ju
n 16
nhf
ASX
200
FY16
tota
l sha
reho
lder
retu
rn
(nib
ver
sus
ASX
200)
(%)
30.0
%
(0.5
)%
For
per
sona
l use
onl
y
arhi
gro
ss m
argi
n im
prov
emen
t a k
ey d
river
6
Ann
ual d
raw
ing
rate
infla
tion
nib
vers
us in
dust
ry(R
ollin
g 12
mon
ths)
1In
clud
es ri
sk e
qual
isat
ion
Sou
rce:
nib
/AP
RA
Gro
ss m
argi
n ni
b ve
rsus
indu
stry
(Rol
ling
12 m
onth
s)
•C
laim
s in
flatio
n ex
perie
nce
and
traje
ctor
y fa
vour
able
.
•Lo
wer
hos
pita
l and
anc
illar
y ut
ilisa
tion
grow
th th
e pr
imar
y ex
plan
atio
n.
•ni
b ex
perie
nce
acce
ntua
ted
by ta
ctic
al p
rodu
ct c
hang
es in
FY
15.
8.0%
10.0
%
12.0
%
14.0
%
16.0
%
18.0
%
nib
Indu
stry
0.0%
2.0%
4.0%
6.0%
8.0%
10.0
%ni
b¹In
dust
ry
For
per
sona
l use
onl
y
Stro
ng o
pera
ting
cash
flow
cor
rela
ting
with
UO
P
7
0.0
50.0
100
.0
150
.0
FY
09F
Y10
FY1
1F
Y12
¹F
Y13¹
FY
14F
Y15
FY
16
Ope
ratin
g ca
sh f
low
UO
P($
m)
1 FY1
2 &
FY1
3 no
rmal
ised
for p
re-p
aym
ents
of p
rem
ium
s in
May
/Jun
e 20
12 a
ssoc
iate
d w
ith in
trodu
ctio
n of
inco
me
test
ing
of G
over
nmen
t Reb
ate.
FY1
2 no
rmal
ised
for p
re-p
aym
ents
of p
rem
ium
s in
M
ay/J
une
2012
ass
ocia
ted
with
intro
duct
ion
of in
com
e te
stin
g of
Gov
ernm
ent R
ebat
e is
low
er th
an F
Y11
mai
nly
due
to $
7m d
ecre
ase
in d
istri
butio
ns re
ceiv
ed fr
om in
vest
men
t tru
sts
and
$10m
in
crea
se in
inco
me.
For
per
sona
l use
onl
y
Whi
teco
atTa
cklin
g in
form
atio
n as
ymm
etrie
s an
d im
prov
ing
mar
ket e
ffici
ency
8
•W
hite
coat
ena
bles
con
sum
ers
to s
earc
h, fi
nd a
nd b
ook
a he
alth
care
pr
ovid
er a
s w
ell a
s re
view
thei
r exp
erie
nce.
Cur
rent
ly h
osts
mor
e th
an 2
10,0
00 h
ealth
car
e an
d an
cilla
ry p
rovi
ders
and
ove
r 250
,000
cu
stom
er re
view
s.
•R
apid
ly e
xpan
ding
to in
clud
e G
Ps
and
med
ical
spe
cial
ists
.
•R
ecen
t ann
ounc
emen
t to
form
JV
with
BU
PA
and
HB
F w
ill
sign
ifica
ntly
exp
and
reac
h an
d co
nsum
er e
ngag
emen
t (~6
mill
ion
peop
le).
Ope
n in
vita
tion
exte
nded
to o
ther
insu
rers
and
hea
lthca
re
paye
rs to
par
ticip
ate.
•A
llow
s in
sure
r/pay
er to
hos
t "cu
stom
er o
nly"
por
tal f
or d
eepe
r en
gage
men
t and
insu
rer/p
ayer
spe
cific
info
rmat
ion
such
as
pref
erre
d cl
inic
al p
rovi
ders
and
"no
gap"
arr
ange
men
ts.
•W
hen
fully
dev
elop
ed w
ill a
lso
incl
ude
accr
edite
d cl
inic
al
perfo
rman
ce in
form
atio
n in
clud
ing
self-
repo
rted
patie
nt o
utco
mes
.
•A
dditi
onal
nea
r ter
m o
ppor
tuni
ties
to a
utom
ate
patie
nt/p
rovi
der
trans
actio
ns s
uch
as p
aym
ents
and
pre
scrip
tions
.
For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
FY16
Fin
anci
al S
umm
ary
Out
perfo
rman
ce a
cros
s ke
y pe
rform
ance
are
as
101
Exc
lude
s no
n-re
curr
ing
prof
it fro
m s
ale
of N
ewca
stle
offi
ce b
uild
ing
2N
et in
vest
men
t inc
ome
in F
Y15
bene
fited
$5.
4m fr
om o
f sal
e of
sha
reho
ldin
g in
Pac
ific
Sm
iles
Gro
up
FY16
FY15
Cha
nge
Tota
l Gro
upre
venu
e ($
m)
1,87
3.11
1,63
9.3
14.3
%
UO
P ($
m)
132.
088
.049
.9%
Am
ortis
atio
n of
acq
uire
d in
tang
ible
s,on
e-of
f tra
nsac
tions
an
d M
&A
cost
s ($
m)
(11.
2)(6
.4)
75.8
%
Sta
tuto
ryop
erat
ing
prof
it ($
m)
120.
881
.747
.9%
Net
inve
stm
ent i
ncom
e2 ($
m)
16.9
31.4
(46.
2)%
NPA
T($
m)
91.8
75.3
22.0
%
Und
erly
ing
EP
S (c
ps)
22.9
18.3
25.1
%
Sta
tuto
ryE
PS
(cps
)21
.217
.322
.5%
Div
iden
d (c
ps)
14.7
511
.528
.3%
RO
E (%
)25
.823
.12.
7%
For
per
sona
l use
onl
y
-
500.
0
1,00
0.0
1,50
0.0
2,00
0.0
FY15
FY16
Oth
er in
com
e
WN
G
nz iihi
arhi
Tota
l Gro
up R
even
ueC
ontin
ued
stro
ng re
venu
e gr
owth
11
($m
)
$1.9
b
$1.6
b
Tota
l Gro
up re
venu
e of
$1.
9b1
(▲14
.3%
) due
to:
•ar
hi p
rem
ium
reve
nue
of $
1.6b
(▲9.
7%),
acco
untin
g fo
r 83.
7% o
f tot
al g
roup
reve
nue.
•In
tern
atio
nal (
inbo
und)
hea
lth in
sura
nce
(iihi
) pr
emiu
m re
venu
e of
$76
.8m
(▲39
.7%
).
•ni
b N
ew Z
eala
nd p
rem
ium
reve
nue
of
$173
.6m
(▲15
.4%
), in
clud
es a
cqui
sitio
n of
O
neP
ath
(NZ)
hea
lth in
sura
nce
(7 m
onth
re
sult)
.
•Fi
rst-t
ime
incl
usio
n of
Wor
ld N
omad
s G
roup
(W
NG
) with
ope
ratin
g re
venu
e of
$50
.0m
(1
1 m
onth
resu
lt).
Tota
l rev
enue
by
segm
ent
1E
xclu
des
non-
recu
rrin
g pr
ofit
from
sal
e of
New
cast
le o
ffice
bui
ldin
gR
efer
Slid
e 30
for b
reak
dow
n of
Oth
er in
com
e
For
per
sona
l use
onl
y
(20.
0)-
20.0
40.0
60.0
80.0
100.
0
120.
0
140.
0
160.
0
FY15
FY16
Oth
er
WN
G
nz iihi
arhi
1
Gro
up U
OP
Ear
ning
s im
prov
emen
t acr
oss
key
busi
ness
seg
men
ts
12
$88.
0m
$132
.0m
($m
)
10%
14%
82%
(5)%
13%
13%
72%
(5)%
7%
1O
ther
incl
udes
cor
pora
te e
xpen
ses
(sha
re re
gist
ry/d
irect
ors
fees
) as
wel
l as
inve
stm
ent i
n ni
b O
ptio
ns, o
ffset
by
inco
me
from
com
plem
enta
ry p
rodu
cts
(life
and
rela
ted
insu
ranc
e co
mm
issi
ons)
, tra
vel i
nsur
ance
com
mis
sion
s pr
ior t
o W
NG
ac
quis
ition
(31
July
201
5), a
s w
ell a
s re
nt a
nd li
cenc
e fe
e in
com
e (D
igita
l Hea
lth V
entu
res)
. Ref
er S
lide
30 fo
r bre
akdo
wn
ofO
ther
inco
me
& E
xpen
ses.
Per
cent
ages
sho
wn
in g
raph
are
a p
erce
ntag
e of
Gro
up U
OP
by
busi
ness
seg
men
t
UO
P by
seg
men
tG
roup
UO
P o
f $13
2.0m
(▲49
.9%
) due
to:
•S
igni
fican
t im
prov
emen
t in
arhi
UO
P u
p 31
.4%
to
$94
.5m
with
impr
oved
cla
ims
expe
rienc
e a
key
driv
er. a
rhi c
ontin
ues
to b
e co
re c
ontri
buto
r to
Gro
up U
OP
(71.
6% o
f Gro
up).
•G
row
th in
adj
acen
t bus
ines
ses
acco
unte
d fo
r 28
.4%
of G
roup
UO
P (F
Y15
: 18.
3%) o
n th
e ba
ck o
f:
•G
row
th a
nd im
prov
ed p
rofit
abili
ty in
iihi
and
nib
New
Zea
land
.
•Fi
rst-t
ime
cont
ribut
ion
of W
NG
.
•R
obus
t Gro
up u
nder
lyin
g in
sura
nce
mar
gins
•G
roup
gro
ss m
argi
n 18
.6%
(FY
15: 1
6.4%
).
•G
roup
net
mar
gin
7.1%
(FY
15: 5
.6%
).
For
per
sona
l use
onl
y
71.9
94.5
100.
11.
211
.59.
7
138.
9
6.1
0.2
-
50.0
100.
0
150.
0
200.
0
250.
0
Incr
ease
in U
OP
of $
22.6
m
Aus
tral
ian
Res
iden
ts H
ealth
Insu
ranc
e (a
rhi)
Stro
ng im
prov
emen
t in
gros
s m
argi
n
FY16
FY15
Cha
nge
Pol
icyh
olde
r gro
wth
(%)
3.8
4.7
(0.9
)%
Laps
e (%
)12
.612
.30.
3%
Pre
miu
mre
venu
e ($
m)
1,56
8.4
1,42
9.5
9.7%
Cla
ims
expe
nse1
($m
)(1
,334
.1)
(1,2
38.9
)7.
7%
Gro
ss u
nder
writ
ing
resu
lt ($
m)
234.
219
0.6
22.9
%
UO
P ($
m)
94.5
71.9
31.4
%
13
($m
)
•U
OP
resu
lt of
$94
.5m
(▲31
.4%
) prim
arily
due
to:
•G
ross
mar
gin
impr
ovem
ent o
f 160
bps
to 1
4.9%
.•
Ris
k eq
ualis
atio
n co
ntrib
utio
n fa
vour
able
to P
CP
(▲
3.3%
) ref
lect
ing
succ
ess
targ
etin
g ov
er 5
5s.
•N
et p
olic
yhol
der g
row
th a
lmos
t 3x
indu
stry
av
erag
e of
1.3
% w
ith n
ib la
pse
stea
dy.
•Q
anta
s A
ssur
e pe
rform
ing
to e
xpec
tatio
ns (l
aunc
hed
31 M
arch
201
6).
•R
ate
of d
owng
radi
ng/u
pgra
ding
rem
ains
bro
adly
co
nsis
tent
with
pre
viou
s ye
ars.
•In
crea
se in
man
agem
ent e
xpen
ses
to $
140.
1m
(▲17
.8%
) due
to in
crea
ses
in e
mpl
oyee
, acq
uisi
tion
cost
s an
d in
vest
men
t in
new
bus
ines
s (e
.g. Q
anta
s A
ssur
e).
•M
ER
incr
ease
d fro
m 8
.3%
to 8
.9%
. ME
Rex
clud
ing
mar
ketin
g (d
irect
/indi
rect
) cos
ts w
as 5
.9%
(FY
15:
5.8%
). •
Cha
nge
in D
AC
am
ortis
atio
n pe
riod
from
6 y
ears
to
5 y
ears
(fro
m 1
Apr
il 20
16) i
ncre
ased
FY
16
man
agem
ent e
xpen
ses
by $
1.8m
.•
FY16
net
mar
gin
6.0%
(FY
15: 5
.0%
).
1In
clud
es R
isk
Equ
alis
atio
n an
d S
tate
levi
es
For
per
sona
l use
onl
y
Inte
rnat
iona
l (In
boun
d) H
ealth
Insu
ranc
e (ii
hi)
Gro
ss m
argi
n an
d vo
lum
e dr
ives
pos
itive
ear
ning
s pe
rform
ance
14
•S
igni
fican
t inc
reas
e in
reve
nue
and
earn
ings
un
derp
inne
d by
ong
oing
gro
wth
and
impr
oved
sc
ale.
•In
crea
se in
cla
ims
expe
nse
(▲41
.6%
) a fu
nctio
n of
vo
lum
e gr
owth
.
•In
tern
atio
nal s
tude
nt b
usin
ess
show
ing
posi
tive
earn
ings
traj
ecto
ry fo
llow
ing
Sau
di c
ontra
ct
disc
ontin
ued
1 M
arch
201
6.
•M
anag
emen
t exp
ense
s up
$4.
4m(▲
32.2
%) t
o su
ppor
t gro
wth
(mar
ketin
g an
d em
ploy
men
t co
sts)
.
•M
argi
ns v
iew
ed a
s su
stai
nabl
e.
12.2
17.2
12.3
1.3
3.1
0.1
21.8
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Incr
ease
in U
OP
of $
5.0m
FY16
FY15
Cha
nge
Pol
icyh
olde
r gro
wth
(%)
28.0
58.5
(30.
5)%
Pre
miu
mre
venu
e ($
m)
76.8
54.9
39.7
%
Cla
ims
expe
nse
($m
)(4
1.7)
(29.
4)41
.6%
Gro
ss u
nder
writ
ing
resu
lt ($
m)
35.1
25.5
37.5
%
UO
P ($
m)
17.2
12.2
41.2
%
($m
)
For
per
sona
l use
onl
y
nib
New
Zea
land
Del
iver
ing
agai
nst p
erfo
rman
ce ta
rget
s
15
1In
clud
es p
olic
yhol
ders
from
acq
uisi
tion
of O
neP
ath
Life
NZ
med
ical
insu
ranc
e bu
sine
ss
com
plet
ed 1
Dec
embe
r 201
5. E
xclu
ding
One
Pat
h Li
fe N
Z, n
et p
olic
yhol
der g
row
th fo
r FY
16 w
as 4
.1%
.2
PP
B –
Pre
miu
m P
ayba
ck p
rodu
ct. R
efer
slid
e 29
for d
etai
ls o
f mov
emen
t in
PP
B.
•U
OP
up
alm
ost 1
00%
due
to c
ontin
ued
polic
yhol
der g
row
th, s
ucce
ss o
f PP
B2
settl
emen
t ca
mpa
ign,
low
er th
an fo
reca
st c
laim
s an
d O
neP
ath
acqu
isiti
on (7
mon
th re
sult)
.
•In
vest
men
t in
grow
th c
ontin
ues
to d
eliv
er re
sults
w
ith a
ppro
xim
atel
y 45
% o
f new
sal
es th
roug
h D
TC c
hann
el.
•S
ucce
ssfu
l tra
nsiti
on o
f One
Pat
h bu
sine
ss.
Pos
itive
feed
back
to d
ate
from
adv
isor
s an
d no
m
ater
ial s
hock
laps
e.
•S
trong
acc
epta
nce
of P
PB
set
tlem
ent o
ffer
cam
paig
n ha
ving
pos
itive
impa
ct o
n U
OP
. R
efer
slid
e 29
for f
urth
er d
etai
l on
PP
B a
nd
settl
emen
t offe
r.
•Tr
ajec
tory
of r
etur
ns h
as N
Z bu
sine
ss o
n tra
ck to
de
liver
on
retu
rn o
bjec
tives
.
FY16
FY15
Cha
nge
Pol
icyh
olde
r gro
wth
(%)
25.8
15.
919
.9%
Pre
miu
mre
venu
e ($
m)
173.
615
0.4
15.4
%
Cla
ims
(med
ical
and
PP
B2
settl
emen
t) ($
m)
(121
.0)
(96.
8)25
.1%
Gro
ss u
nder
writ
ing
resu
lt ($
m)
68.3
51.7
32.0
%
UO
P ($
m)
17.3
8.7
99.9
%
($m
)
8.7
17.3
13.1
8.7
0.3
25.7
1.2
0.5
1.2
2.1
-
10.0
20.0
30.0
40.0
For
per
sona
l use
onl
y
Wor
ld N
omad
s G
roup
(WN
G)
Ope
ratin
g re
sults
in li
ne w
ith e
xpec
tatio
ns
16
($m
)FY
161
Gro
ss W
ritte
n P
rem
ium
211
2.2
Ope
ratin
g in
com
e50
.0
Ope
ratin
g ex
pens
es(4
0.3)
UO
P9.
7
1FY
16 is
a 1
1 m
onth
resu
lt w
ith W
NG
bus
ines
s ac
quire
d on
31
July
201
52
WN
G is
a d
istri
buto
r of t
rave
l ins
uran
ce a
nd e
arns
a c
omm
issi
on fo
r pol
icie
s so
ld, h
owev
er G
WP
is s
how
n as
it is
a k
ey p
erfo
rman
ce m
etric
of t
he b
usin
ess,
not
ing
GW
Pex
clud
es o
ther
sou
rces
of i
ncom
e su
ch a
s E
mer
genc
y Tr
avel
Ass
ista
nce
and
Man
agin
g G
ener
al A
gent
fees
3W
NG
was
acq
uire
d an
d w
as o
nly
cons
olid
ated
in th
e ni
b re
sults
from
31
July
201
5 (F
Y16)
, the
num
bers
sho
wn
are
a 12
mon
th re
sult •G
WP
up
5.6%
due
to s
trong
inte
rnat
iona
l sa
les
(sal
es in
US
A u
p m
ore
than
30%
an
d U
K m
ore
than
25%
on
FY15
), of
fset
by
wea
k A
ustra
lian
mar
ket p
erfo
rman
ce.
•S
ucce
ssfu
l tra
nsiti
on o
f bus
ines
s to
nib
ow
ners
hip
with
min
imal
dis
rupt
ion.
•G
row
th p
lans
bei
ng a
ccel
erat
ed a
nd
supp
orte
d to
targ
et in
tern
atio
nal
expa
nsio
n an
d ne
w b
usin
ess
oppo
rtuni
ties,
with
leve
l of i
nves
tmen
t to
impa
ct F
Y17
UO
P re
sult.
WN
G G
WP2
($m
)
WN
G S
ales
(Pol
icie
s)
562,
337
583,
164
589,
002
-
100,
000
200,
000
300,
000
400,
000
500,
000
600,
000
FY14
FY15
FY16
³
108.
011
6.6
123.
2
-
20.0
40.0
60.0
80.0
100.
0
120.
0
140.
0
FY14
FY15
FY16
³
For
per
sona
l use
onl
y
Inve
stm
ents
, Gea
ring
& C
apita
lS
trong
and
effi
cien
t bal
ance
she
et
17
Gea
ring
1 A
llow
ing
for p
aym
ent o
f fin
al d
ivid
end
•G
roup
targ
et c
apita
l and
gea
ring
rem
ain
in li
ne
with
sta
ted
inte
rnal
pol
icie
s.
•C
ontin
ued
focu
s on
mai
ntai
ning
an
effic
ient
ba
lanc
e sh
eet.
•N
et in
vest
men
t inc
ome
(▼46
.2%
) a c
ombi
natio
n of
one
off
FY15
gai
n fro
m s
ale
of s
hare
hold
ing
in
PS
G a
nd e
quity
mar
ket p
erfo
rman
ce.
•C
onso
lidat
ed p
ortfo
lio (8
5%/1
5%,
Def
ensi
ve/G
row
th) p
erfo
rmed
in li
ne w
ith m
arke
t be
nchm
arks
.•
Fina
nce
cost
s (▲
53.1
%) d
ue to
incr
ease
d de
bt
fund
ing
asso
ciat
ed w
ith W
NG
acq
uisi
tion
(31
July
201
5).
•In
tere
st c
over
of 2
7:1
at 3
0 Ju
ne 2
016
wel
l ab
ove
debt
cov
enan
t.•
AP
RA
hav
e pu
blis
hed
prud
entia
l pol
icy
outlo
ok
curr
ently
indi
catin
g a
revi
ew o
f cap
ital s
tand
ards
is
env
isag
ed in
201
8/20
19.
2N
et in
vest
men
t inc
ome
in F
Y15
bene
fited
$5.
4m fr
om o
f sal
e of
sha
reho
ldin
g in
PS
G
Inve
stm
ents
($m
)FY
16FY
15C
hang
e
Net
inve
stm
enti
ncom
e16
.931
.4(4
6.2)
%
Fina
nce
cost
s(5
.2)
(3.4
)53
.1%
Ava
ilabl
e ca
pita
l abo
ve in
tern
al ta
rget
s16.
810
.2(3
3.3)
%
For
per
sona
l use
onl
y
Div
iden
dsD
ivid
end
refle
cts
ongo
ing
earn
ings
gro
wth
18
•FY
16 fi
nal d
ivid
end
incr
ease
d to
9.0
cps,
fully
fra
nked
(FY
15: 6
.0 c
ps)
•E
x-di
vide
nd d
ate
–8
Sep
tem
ber 2
016
•R
ecor
d da
te –
9 S
epte
mbe
r 201
6
•P
aym
ent d
ate
–7
Oct
ober
201
6
•Fu
ll ye
ar d
ivid
end
14.7
5cps
, ful
ly fr
anke
d (▲
28.3
%),
repr
esen
ts fu
ll ye
ar p
ayou
t rat
io o
f 70%
of
NP
AT.
•D
ivid
end
polic
y to
con
tinue
to re
flect
pay
men
t of
fully
fran
ked
divi
dend
s at
a p
ayou
t rat
io o
f 60%
-70
% o
f ful
l yea
r NP
AT.
(cps
)
9.25
10.0
11.0
11.5
14.7
5
9.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
FY12
FY13
FY14
FY15
FY16
Ord
inar
ySp
ecia
lC
apita
l Ret
urn
16.0
7
For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6
Reg
ulat
ory
refo
rmE
xpec
t PH
I ref
orm
s an
d po
tent
ial r
egul
ator
y ch
ange
s to
be
a ne
t pos
itive
20
•M
arke
t pric
ing
for p
rost
hese
s/m
edic
al d
evic
es.
•Im
prov
ed tr
ansp
aren
cy to
ass
ist c
onsu
mer
s ch
oose
/com
pare
hea
lth in
sura
nce
prod
ucts
.
•P
rem
ium
pric
ing
dere
gula
tion.
•P
oten
tial r
efor
m to
risk
equ
alis
atio
n.
•Li
fetim
e di
scou
nts.
•S
econ
d tie
r hos
pita
l def
ault
bene
fits.
•P
ublic
hos
pita
l cos
t shi
fting
.
•H
ealth
care
hom
es a
n op
portu
nity
for b
ette
r co
ordi
natio
n an
d m
anag
emen
t.
For
per
sona
l use
onl
y
FY17
Out
look
Incr
ease
d in
vest
men
t to
supp
ort b
usin
ess
expa
nsio
n an
d ea
rnin
gs g
row
th
21
Sof
t mar
ket c
ondi
tions
like
ly to
con
tinue
into
FY
17 h
owev
er n
ib e
xpec
ted
to d
eliv
er v
olum
e gr
owth
with
in
4% -
5% ta
rget
rang
e.
Diff
icul
t to
pred
ict a
rhic
laim
s in
flatio
n tra
ject
ory.
Dra
win
g ra
te in
flatio
n (p
er p
erso
n) e
xpec
ted
to b
e w
ithin
rang
e of
3%
-4%
(FY
16: 2
.9%
).
Focu
s on
ach
ievi
ng n
et m
argi
n (a
rhi)
with
in ta
rget
rang
e of
5.0
% -
5.5%
not
ing
com
petit
ive
pres
sure
s.
Cha
nge
in a
rhi D
AC
am
ortis
atio
n pe
riod
rela
ted
to s
ales
from
pas
t per
iods
will
add
$4.
6m to
FY
17 a
cqui
sitio
n ex
pens
es.
Adj
acen
t bus
ines
ses
will
con
tinue
to g
row
with
NZ
to in
crea
se e
arni
ngs
and
impr
ovem
ent i
n in
tern
atio
nal (
inbo
und)
bus
ines
s.
Inve
stm
ent i
n gr
owth
and
exp
ansi
on o
f WN
G w
ill re
sult
in a
sub
dued
FY
17 U
OP
for t
hat b
usin
ess.
Ong
oing
pur
suit
of n
ew b
usin
ess
oppo
rtuni
ties
and
inno
vatio
n to
cre
ate
ente
rpris
e va
lue.
For
per
sona
l use
onl
y
FY17
Gui
danc
e
22
1R
efer
slid
e 27
for b
reak
dow
n of
FY1
7 fo
reca
st o
ne-o
ff tra
nsac
tion/
M&
A c
osts
and
am
ortis
atio
n of
acq
uire
d in
tang
ible
s2
Inte
rnal
Inve
stm
ent b
ench
mar
ks–
Aus
tralia
n R
egul
ator
y ca
pita
l (79
%/2
1% d
efen
sive
/gro
wth
) –ta
rget
for p
ortfo
lio b
ank
bill
inde
x pl
us 1
%–
New
Zea
land
regu
lato
ry c
apita
l (10
0% d
efen
sive
)(1)
For
cor
e po
rtfol
io ta
rget
is a
6 m
onth
ban
k bi
ll in
dex
(2) F
or p
rem
ium
pay
back
por
tfolio
targ
et is
a 3
.0 y
ears
inte
rest
rate
sw
ap in
dex
–S
urpl
us c
apita
l (10
0% d
efen
sive
) –ba
nk b
ill in
dex
•C
onso
lidat
ed U
OP
1 of
$13
0m–
$140
m (S
tatu
tory
ope
ratin
g pr
ofit
of $
122m
–$1
32m
).
•In
vest
men
t ret
urns
to b
e in
line
with
rele
vant
inte
rnal
ben
chm
arks
2 .
For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
FULL
YE
AR
RE
SU
LTS
201
6For
per
sona
l use
onl
y
nib
Polic
yhol
der &
Oth
er D
ata
(und
erw
ritin
g se
gmen
ts)
25
nib
Gro
up
FY16
FY15
Tota
l pol
icyh
olde
rs72
6,71
066
5,45
8−
Aus
tralia
n R
esid
ents
Hea
lth In
sura
nce
529,
398
509,
897
− In
tern
atio
nal (
Inbo
und)
Hea
lth In
sura
nce
91,9
1871
,783
− ni
b N
ew Z
eala
nd10
5,39
483
,778
nib
New
Zea
land
(Per
sons
cov
ered
)21
2,49
716
2,35
1E
mpl
oyee
s (F
TEs)
1,
0431
843
arhi
Net
pol
icyh
olde
r gro
wth
3.
8%4.
7%M
arke
t sha
re
8.1%
7.9%
Per
sons
cov
ered
1,
030,
220
1,00
1,36
8A
vera
ge a
ge o
f hos
pita
l per
sons
cov
ered
(yrs
) 38
.837
.9To
tal p
olic
yhol
ders
“und
er 4
0”
208,
966
210,
398
–G
row
th in
“und
er 4
0” s
egm
ent
(0.7
)%(2
.6)%
Tota
l pol
icyh
olde
rs “o
ver 5
5”17
1,02
315
4,56
1–
Gro
wth
in “o
ver 5
5” s
egm
ent
10.7
%16
.8%
Tota
l hos
pita
l per
sons
“20-
39”
257,
670
263,
820
–G
row
th in
hos
pita
l per
sons
“20-
39”
(2.3
)%(3
.0)%
–M
arke
t sha
re
9.5%
9.7%
Tota
l hos
pita
l per
sons
“55+
” 22
5,62
520
5,11
9–
Gro
wth
in h
ospi
tal p
erso
ns “5
5+”
10.0
%18
.0%
–M
arke
t sha
re
6.5%
6.0%
arhi
Sal
es b
y C
hann
el (%
)D
irect
(nib
)59
.5%
58.4
%B
roke
r40
.5%
41.6
%
Sou
rce:
nib
/AP
RA
1FT
Es
incl
ude
WN
G e
mpl
oyee
s For
per
sona
l use
onl
y
Det
aile
d In
com
e St
atem
ent (
UO
P)
26
($m
)FY
16FY
15C
hang
eN
et p
rem
ium
reve
nue1
1,81
8.7
1,63
4.9
11.2
%-a
rhi
1,56
8.4
1,42
9.5
9.7%
-iih
i76
.854
.939
.7%
-nib
nz17
3.6
150.
415
.4%
Net
cla
ims
expe
nse1
(1,2
88.0
)(1
,151
.4)
11.9
%-H
ospi
tal c
laim
s pa
id (a
rhi)
(782
.3)
(695
.9)
12.4
%-A
ncilla
ry c
laim
s pa
id (a
rhi)
(333
.4)
(328
.5)
1.5%
-OS
C p
rovi
sion
mov
emen
t (ar
hi)
(9.6
)(0
.8)
1160
.0%
-arh
icla
ims
incu
rred
(1,1
25.3
)(1
,025
.2)
9.8%
-iih
i cla
ims
incu
rred
(41.
7)(2
9.4)
41.6
%-n
ibnz
clai
ms
incu
rred
(121
.0)
(96.
8)25
.1%
Ris
k eq
ualis
atio
n le
vy(1
79.4
)(1
85.5
)(3
.3)%
-OS
C ri
sk e
qual
isat
ion
mar
gin
(2.0
)0.
8(3
33.1
)%-G
ross
def
icit
318.
026
7.0
19.1
%-C
alcu
late
d de
ficit
(495
.5)
(453
.3)
9.3%
Stat
e le
vies
(29.
4)(2
8.2)
4.1%
Dec
reas
e/(In
crea
se) i
n pr
emiu
m p
ayba
ck li
abili
ty15
.8(1
.9)
(929
.5)%
Net
cla
ims
incu
rred
(exc
ludi
ng c
laim
s ha
ndlin
g)(1
,481
.1)
(1,3
67.1
)8.
3%G
ross
und
erw
ritin
g re
sult
337.
626
7.8
26.1
%-a
rhi
234.
219
0.6
22.9
%-i
ihi
35.1
25.5
37.5
%-n
ibnz
68.3
51.7
32.0
%U
nder
writ
ing
expe
nses
(inc
ludi
ng c
laim
s ha
ndlin
g)(2
09.2
)(1
75.6
)19
.1%
-arh
i(1
40.1
)(1
18.9
)17
.8%
-iih
i(1
8.1)
(13.
7)32
.2%
-nib
nz(5
1.0)
(43.
1)18
.4%
Net
und
erw
ritin
g re
sult
128.
492
.239
.3%
-arh
i94
.171
.731
.3%
-iih
i17
.011
.843
.7%
-nib
nz17
.38.
799
.9%
Oth
er in
com
e54
.44.
411
41.1
%-W
NG
50.0
-N
A-n
ibO
ptio
ns0.
0(0
.1)
145.
6%-O
ther
4.4
4.4
(0.0
)O
ther
exp
ense
s(5
0.8)
(8.5
)49
6.2%
-WN
G(4
0.3)
-N
A-n
ibO
ptio
ns(2
.6)
(3.0
)(1
3.6)
%-O
ther
(8.0
)(5
.6)
43.6
%U
OP
132.
088
.049
.9%
1N
et o
f rei
nsur
ance
For
per
sona
l use
onl
y
Und
erly
ing
to s
tatu
tory
ope
ratin
g pr
ofit
27
($m
)FY
17 G
uida
nce
FY16
FY15
Cha
nge
UO
P13
0–
140
132.
088
.049
.9%
-arh
i-
94.5
71.9
31.4
%-i
ihi
-17
.212
.241
.2%
-nib
nz-
17.3
8.7
99.9
%-W
NG
-9.
7-
NA
-nib
Opt
ions
-(2
.5)
(3.0
)16
.1%
-Una
lloca
ted
-(4
.2)
(1.7
)14
6.6%
Am
ortis
atio
n of
acq
uire
d in
tang
ible
s(7
.9)
(7.8
)(3
.5)
121.
6%-a
rhi
--
--
-Iih
i(0
.8)
(0.9
)(0
.3)
239.
5%-n
ibnz
(4.0
)(3
.4)
(3.3
)2.
9%-W
NG
(3.1
)(3
.6)
-N
AO
ne-o
ff tr
ansa
ctio
n an
d M
&A
cos
ts-
(3.4
)(2
.8)
19.0
%-a
rhi
--
--
-iih
i-
--
--n
ibnz
--
--
-WN
G-
(1.9
)-
NA
-nib
Opt
ions
--
(0.8
)N
A-U
nallo
cate
d-
(1.5
)(2
.1)
(29.
9)%
Stat
utor
y O
pera
ting
Prof
it12
2 –
132
120.
881
.747
.9%
For
per
sona
l use
onl
y
Det
aile
d M
anag
emen
t Exp
ense
s (U
nder
writ
ing
segm
ents
)
28
($m
)
Employment
Marketing
Marketing Indirect
(Commissions Paid)
Marketing Indirect
(Commissions deferred)
Marketing Indirect
(Commissions Amortised)
IT
Occupancy
Other
Total Underwriting
Expenses
MER%Underlying Expenses
Amortisation of acquired
intangibles
Total Management
Expenses
MER%
Aus
tral
ian
Res
iden
ts H
ealth
Insu
ranc
eFY
1449
.820
.417
.6(1
6.0)
5.4
9.3
5.9
13.9
106.
48.
1%-
106.
48.
1%FY
1553
.025
.832
.1(3
0.2)
8.4
9.9
5.9
14.1
118.
98.
3%-
118.
98.
3%FY
1657
.629
.830
.9(2
9.0)
15.7
10.7
6.1
18.2
140.
18.
9%-
140.
18.
9%In
tern
atio
nal (
Inbo
und)
Hea
lth In
sura
nce
FY14
5.4
1.3
1.5
(1.4
)0.
41.
20.
60.
89.
925
.9%
0.2
10.1
26.6
%FY
158.
11.
22.
4(2
.3)
1.6
1.3
0.6
0.9
13.7
24.9
%0.
313
.925
.3%
FY16
10.0
1.1
3.8
(3.4
)2.
61.
70.
71.
518
.123
.5%
0.9
18.9
24.7
%ni
b N
ew Z
eala
ndFY
1412
.15.
718
.1(9
.7)
9.3
2.3
0.8
3.0
41.6
29.9
%4.
045
.632
.8%
FY15
12.5
4.8
20.3
(11.
6)9.
62.
91.
23.
343
.128
.6%
3.3
46.3
30.8
%FY
1614
.05.
525
.6(1
5.0)
10.9
3.1
1.3
5.7
51.0
29.4
%3.
454
.331
.3%
For
per
sona
l use
onl
y
Prem
ium
Pay
back
(PPB
)R
educ
tion
in P
PB
liab
ility
havi
ng p
ositi
ve im
pact
on
UO
P
29
•P
rem
ium
Pay
back
(PP
B) r
elat
es to
pre
viou
sly
offe
red
prod
ucts
, whe
re c
usto
mer
s ar
e en
title
d to
rece
ive
a re
fund
(o
r par
tial r
efun
d) o
f pre
miu
ms
paid
less
any
cla
ims
mad
e,
once
the
polic
y ha
s be
en in
forc
e fo
r a s
peci
fied
perio
d.
•A
PP
B li
abilit
y is
reco
gnis
ed fo
r the
se p
rodu
cts.
It is
de
term
ined
bas
ed o
n th
e di
scou
nted
val
ue o
f acc
umul
ated
ex
cess
of p
rem
ium
s ov
er c
laim
s at
an
indi
vidu
al p
olic
y le
vel.
•Th
e P
PB
liab
ility
is m
atch
ed w
ith in
vest
men
ts o
f ap
prox
imat
ely
the
sam
e du
ratio
n.
•C
ampa
ign
curre
ntly
und
erw
ay to
shi
ft cu
stom
ers
off P
PB
pr
oduc
t.
¹Pre
miu
m p
ayba
ck li
abilit
y se
ttlem
ent i
nclu
des
$13.
9m re
latin
g to
the
early
set
tlem
ent c
ampa
ign
²Dec
reas
e in
pre
miu
m p
ayba
ck li
abilit
y in
clud
es $
16.0
m re
latin
g to
ear
ly s
ettle
men
t cam
paig
n³G
ross
und
erw
ritin
g re
sult
incl
udes
$2.
1m re
latin
g to
ear
ly s
ettle
men
t cam
paig
n
nib
New
Zea
land
UO
P sp
lit b
etw
een
PPB
and
non
PPB
($m
)FY
16FY
15N
on P
PBPP
BTo
tal
Non
PPB
PPB
Tota
lP
rem
ium
reve
nue
161.
612
.017
3.6
135.
315
.115
0.4
Cla
ims
(med
ical
)(9
6.5)
(3.7
)(1
00.2
)(8
3.7)
(4.9
)(8
8.6)
Pre
miu
m p
ayba
ck li
abili
ty s
ettle
men
t¹-
(20.
8)(2
0.8)
(8.2
)(8
.2)
Dec
reas
e/(In
crea
se) i
n pr
emiu
m p
ayba
ck li
abili
ty²
-15
.815
.8(1
.9)
(1.9
)G
ross
und
erw
ritin
g re
sult³
65.1
3.2
68.3
51.7
0.1
51.7
Man
agem
ent e
xpen
ses
(51.
0)(4
3.1)
UO
P17
.38.
7
($m
) FY
16FY
15
Ope
ning
Bal
ance
–ce
ntra
l est
imat
e38
.036
.8
Fund
ing
–ne
w p
rem
ium
less
med
ical
cla
ims
(dis
coun
ted)
5.0
7.4
Pay
outs
(nor
mal
)(6
.9)
(8.2
)
Pay
outs
(ear
ly s
ettle
men
t)(1
3.9)
-
Rel
ease
of r
eser
ves
on e
arly
set
tlem
ents
(1.7
)-
Mov
emen
t in
disc
ount
rate
2.0
2.0
Dis
coun
t rat
e –
dura
tion
impa
ct1.
01.
6
Effe
ct o
f cha
nges
in fo
reig
n ex
chan
ge ra
tes
2.0
(1.6
)
Clo
sing
Bal
ance
–C
entra
l est
imat
e25
.638
.0
Mov
emen
t in
cent
ral e
stim
ate
of P
PB li
abili
ty
For
per
sona
l use
onl
y
Oth
er In
com
e &
Exp
ense
s
301
Exc
lude
s no
n-re
curr
ing
prof
it fro
m s
ale
of N
ewca
stle
offi
ce b
uild
ing
($m
)FY
16FY
15C
hang
e
Oth
er in
com
e
Com
plem
enta
ry in
sura
nce
2.3
2.4
(5.6
)%
nib
Opt
ions
inco
me
0.0
(0.1
)14
5.7%
Age
ncy
fee
(exc
nib
Opt
ions
)0.
30.
30.
3%
Ren
tal i
ncom
e0.
71.
0(2
1.5)
%
Dig
ital H
ealth
Ven
ture
s in
com
e0.
20.
5(5
2.2)
%
Oth
er0.
2(0
.3)
153.
4%
Tota
l Oth
er In
com
e3.
813.
80.
0%
Oth
er e
xpen
ses
Com
plem
enta
ry in
sura
nce
expe
nditu
re(0
.7)
(0.2
)29
7.8%
nib
Opt
ions
exp
endi
ture
(2.6
)(3
.0)
(13.
6)%
Sha
re re
gist
ry a
nd o
ther
cor
pora
te o
verh
eads
(4.6
)(4
.3)
5.8%
Dig
ital H
ealth
Ven
ture
s ex
pend
iture
(2.4
)(0
.9)
158.
7%
Oth
er(0
.4)
(0.3
)18
.3%
Tota
l oth
er e
xpen
ses
(10.
5)(8
.5)
23.6
%
For
per
sona
l use
onl
y
Inve
stm
ent A
sset
Allo
catio
n
31
Con
solid
ated
Aus
tral
ian
Inve
stm
ent P
ortfo
lioN
ew Z
eala
nd In
vest
men
t Por
tfolio
Bal
ance
($m
) at
30/0
6/20
16A
lloca
tion
(%)
at 3
0/06
/201
6
Net
retu
rn ($
m)
12 m
onth
s to
30
/06/
2016
Allo
catio
n (%
) at
30/0
6/20
16
Net
retu
rn ($
m)
12 m
onth
s to
30
/06/
2016
Allo
catio
n (%
) at
30/
06/2
016
Cas
h 1
120.
2 18
.8%
3.6
19.7
%0.
5 13
.2%
Fixe
d In
tere
st42
2.7
66.0
%8.
4 62
.4%
3.8
86.8
%To
tal d
efen
sive
542.
9 84
.7%
12.0
82
.1%
4.3
100.
0%A
ustra
lian
Sha
res
36.0
5.
6%0.
1 6.
6%-
-G
loba
l sha
res
–he
dged
10.3
1.
6%(0
.0)
1.9%
--
Glo
bal s
hare
s –
unhe
dged
35.7
5.
6%(0
.5)
6.5%
--
Glo
bal p
rope
rty15
.9
2.5%
0.9
2.9%
--
Pro
perty
trus
ts0.
0 0.
0%0.
1 0.
0%-
-To
tal g
row
th97
.8
15.3
%0.
6 17
.9%
0.0
0.0%
Tota
l64
0.8
100.
0%12
.6
100.
0%4.
3 10
0.0%
1 E
xclu
des
oper
atin
g ca
sh o
f $29
.4m
, not
ing
tota
l cas
h is
spl
it be
twee
n ca
sh a
nd c
ash
equi
vale
nts
of $
89.4
m a
nd s
hort
term
dep
osits
of $
60.2
m in
clud
ed in
Fin
anci
al A
sset
s at
Fai
r Val
ue T
hrou
gh
Pro
fit o
r Los
s.2
Sal
e of
New
cast
le o
ffice
bui
ldin
g fo
r $46
.6m
(15
year
leas
e, p
lus
2 x
5 ye
ar o
ptio
ns) w
ith s
ettle
men
t occ
urrin
g 29
Feb
ruar
y 20
16.
For
per
sona
l use
onl
y