Medibank Private Limited delivered underlying net profit of $636.8 million for the full year ended 30 June 2026, reflecting 2.9 percent growth despite persistent pressure on household budgets across Australia. The corresponding underlying earnings per share of 23.1 cents also increased 2.9 percent, while the company increased its ordinary dividend to 19.2 cents per share, fully franked, representing a 6.7 percent lift from the prior year. This combination of profit stability and dividend growth signals management confidence in the business model as it navigates economic headwinds.
Customer growth remained resilient, with net resident policyholder additions of 22.1 thousand in a period when affordability concerns are constraining the broader health insurance market. The company reported one in four Australians have delayed or avoided seeing a GP due to cost, underscoring the competitive environment. Yet Medibank’s customer satisfaction metrics showed strength, with a blended group NPS of 21.9 and more than half of health insurance customers now engaging with the company’s health and wellbeing offerings. This diversification into wellness services appears to be supporting retention as customers seek value beyond traditional insurance.
The standout performance came from Amplar Health, the company’s primary care platform, which facilitated 5.3 million patient interactions including 4.1 million GP consultations. Government bulk billing reforms have expanded Amplar’s network of no out-of-pocket fee clinics by 56 percent, positioning the company to capture volume gains as affordability-conscious patients seek cost-free primary care. The platform also launched an online doctor service open to the wider community, extending reach beyond insurance customers. These developments represent a structural shift in how Medibank participates in the health value chain, moving from pure claims payer to active primary care provider.
Medibank’s Live Better rewards program, which paid out $48.6 million in claims during the year, has delivered approximately $135 million in cumulative value since launch and now influences one in three customer decisions to choose Medibank. Combined with the $250.5 million value delivered through Members’ Choice and no-gap networks, total customer value reached approximately $299 million, demonstrating the company’s ability to monetise competitive differentiation while containing medical cost inflation. The company also continued its disciplined capital allocation, delivering a further $10 million in productivity savings, bringing the decade-long total to $132.4 million.
Looking ahead, investors should monitor the progress of Medibank’s health transition strategy, including its $40 million commitment to drive expansion in community-based care and hospital partnerships. The shift from funding illness to funding health, as management framed it, remains dependent on continued regulatory support and patient adoption. The company’s ability to grow resident policyholders while expanding its health services footprint will be the critical watch point for sustained earnings growth. This announcement is price sensitive and has been flagged as material by the ASX.
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About Medibank Private Limited (ASX: MPL)
Medibank Private Limited is Australia’s largest private health insurer, providing health insurance coverage including hospital and ancillary services through the Medibank and ahm brands. The company operates through two main divisions: Health Insurance offering various coverage types, and Medibank Health which delivers health management, in-home care services, and telehealth solutions to government and corporate customers. Based in Victoria, it serves Australian residents, nonresidents, and overseas visitors.
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