This report should be read in conjunction with the annual financial report for the year ended 30 June Results for announcement to the market 2

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1 ABN Half-year report for the period ended 31 December 2018 This report should be read in conjunction with the annual financial report for the year ended 30 June CONTENTS Results for announcement to the market 2 Appendix 4D compliance matrix 3 Interim Report of 4

2 Appendix 4D Results for announcement to the market 6 months to 6 months to Movement 31 Dec Dec 17 up / (down) Movement $m % Revenue from ordinary activities 1, , % Profit from ordinary activities after tax attributable to members % Net profit attributable to members % 6 months to 31 Dec 18 6 months to 31 Dec 17 Franking amount per Amount per security security (cps) Amount per security (cps) Franking amount per security Interim Dividend Ordinary Dividend % % Special Dividend % % Total Interim Dividend % % Record date for determining entitlements to the dividend 1 March 2019 Date the interim dividend is payable 2 April 2019 Brief explanation of figures reported above: Net profit after tax attributable to owners of for the half year to 31 December 2018 calculated on a statutory basis equated to a profit of $74.5 million. For further information refer to the Directors Report in the attached Interim Report of for the period ended 31 December 2018.

3 Appendix 4D Appendix 4D disclosure requirements nib group Appendix 4D Note Number 1. Details of the reporting period and the previous corresponding period All financial data headings 2. Key information in relation to the following: This information must be identified as Results for announcement to the market. Results for announcement to the market page 1 Appendix 4D 2.1 The amount and percentage change up or down from the previous corresponding period of revenue from ordinary activities. 2.2 The amount and percentage change up or down from the previous corresponding period of profit (loss) from ordinary activities after tax attributable to members. 2.3 The amount and percentage change up or down from the previous corresponding period of profit (loss) attributable to members. 2.4 The amount per security and franked amount per security of final and interim dividends or a statement that it is not proposed to pay dividends. 2.5 The record date for determining entitlements to the dividends (if any). 2.6 A brief explanation of any of the figures in 2.1 to 2.4 necessary to enable the figures to be understood. 3. Net tangible assets per security with the comparative figure for the previous corresponding period. Net tangible asset backing per ordinary security (cents per share) is (50.40 as at 31 Dec 2017) 4. Details of entities over which control has been gained or lost during the period, including the following: 4.1 Name of entity. Interim Report 31 December 2018 Notes to the financial statement - Interest in other entities Note The date of the gain or loss of control. 4.3 Where material to the understanding of the report the contribution of such entities to the reporting entity s profit from ordinary activities during the period and the profit or loss of such entities during the whole of the previous corresponding reporting period. 5. Details of individual and total dividends or distributions and dividend or distribution payments. The details must include the date on which the dividend or distribution is payable and (if known) the amount per security of foreign sourced dividend or distribution. Interim Report 31 December 2018 Notes to the financial statement - Dividends Note Details of any dividend or distribution reinvestment plan in operation and the last date for the receipt of an election notice for the participation in any dividend or distribution reinvestment plan. The DRP will be available to shareholders for the FY19 interim dividend. Shareholders can participate in the DRP by completing the application form by visiting nib.com.au/easyupdate. DRP elections for the FY19 interim dividend must be received by no later than 5pm (AEST) on Monday 4 March Details of associates and joint venture entities including the name of the associate or joint venture entity and details of the reporting entity s percentage holding in each of these entities and - where material to the understanding of the report aggregate share of profits (losses) of these entities, details of contributions to net profit for each of these entities, and with comparative figures for the previous corresponding reporting period. Interim Report 31 December 2018 Notes to the financial statement - Interest in other entities Note 20

4 Appendix 4D 8. For foreign entities, which set of accounting standards is used in compiling the report (e.g. International Accounting Standards). 9. For all entities, if the accounts contain an independent audit report or review that is subject to a modified opinion, emphasis of matter or other matter paragraph, a description of the modified opinion, emphasis of matter or other matter paragraph. Not applicable Not applicable. R Toms Date 15 February 2019 Company Secretary

5 Interim Report 31 December 2018

6 CONTENTS Page Directors Report 1 Auditor s Independence Declaration 6 Financial Report Consolidated Income Statement 8 Consolidated Statement of Comprehensive Income 9 Consolidated Balance Sheet 10 Consolidated Statement of Changes in Equity 11 Consolidated Statement of Cash Flows 12 Notes to the Consolidated Financial Statements 13 Directors Declaration 39 Independent Auditor s Review Report to the Members 40 ABN

7 Directors Report The Directors of (Company) present their report on the consolidated entity (Group) consisting of and the entities it controlled at the end of or during the half year ended 31 December DIRECTORS The following persons were Directors of during the whole of the financial half year and up to the date of this report: Steve Crane Lee Ausburn Anne Loveridge Donal O Dwyer Mark Fitzgibbon Jacqueline Chow Christine McLoughlin Philip Gardner retired as a Director on 31 August PRINCIPAL ACTIVITIES The principal activities of the nib Group during the financial half year were as a private health insurer in Australia and New Zealand, whereby it underwrites and distributes private health insurance to Australian and New Zealand residents as well as international students and visitors to Australia. Through its World Nomads Group business, it also specialises in the sale and distribution of travel insurance policies globally. REVIEW OF OPERATIONS At a Group level, our operating performance for first half fiscal 2019 (1H19) produced another strong result with total Group revenue up 10.9% to $1.2 billion and underlying operating profit (UOP) rising 18.6% to $114.3 million. A focus on meeting our members and travellers expectations, along with our strategic execution, underpins everything we do at nib. We believe good results follow when we work hard and are good at what we do. Net profit after tax (NPAT) was $74.3 million (up 4.8%). This is an improvement on 1H18, but was impacted by soft equity investment returns, with net investment income of just $1.5 million, down 91.2%. Earnings per share (Statutory) was 16.4 cents per share up 3.1%. The Board has declared a fully franked interim dividend of 10.0 cents per share, in line with an increase of 11.1% on last year. The interim dividend has an ex-dividend and record date of 28 February and 1 March 2019 respectively with payment to be made to shareholders on 2 April NPAT attributable to owners $74.5m, excluding nib charitable foundation $0.2m. 1

8 Directors Report continued REVIEW OF OPERATIONS continued Australian Residents Health Insurance (arhi) In what were very tough market conditions, our flagship arhi business delivered an impressive result, with UOP up 33.2% to $88.3 million. Premium revenue rose 11.1% to just over $1 billion, reflecting above-industry policyholder growth, premium adjustments and a full six-month contribution from GU Health (in 1H18, this business made a two-month contribution having been acquired 31 October 2018). During the period we also paid a record amount in claims on behalf of our members. Claims were up 7.8% to just over $800 million, funding more than 151,000 hospital admissions and over 1.8 million ancillary visits including dentists and optometrists. We continue to pursue and invest in programs that help our members lead a healthier life, particularly those who have a chronic illness. In the six months to 31 December 2018 we had over 6,000 new members participate in a preventative health management program, from personalised weight management programs to support for members discharged from hospital. We know premium affordability and value for money are real issues for our members. Our 2019 premium increase of 3.38% is the lowest in 16 years and it s the fifth consecutive year we ve delivered an increase lower than the previous year. We are also taking an active role in leading change within the industry, including adopting the Government s Private Health Insurance Reforms (PHI Reforms) from 1 April Overall, we believe the PHI Reforms will be a net positive leading to greater health insurance participation, improved affordability for members and greater transparency. We also continue to place a significant emphasis on improving the experience of our members, which is reflected in our net promoter score for 1H19, which has risen 280bps to 33.7% Based on arhi customers, excludes GU Health. 2

9 Directors Report continued REVIEW OF OPERATIONS continued nib New Zealand Our New Zealand business delivered an improved top line result, with premium revenue up 7.2% to $104.5 million, while earnings were impacted by a growth in claims. Claims expenses rose 9.8% for the period due to an increase in utilisation, with UOP down 27.5% to $9.5 million. Our multi-channel distribution strategy again made good progress with net policyholder growth for the period up 50bps to 1.7%. We also recently rolled out in New Zealand our online health directory, Whitecoat, to help members search, compare and select a healthcare provider, including specialists, GPs, dentists and physiotherapists. This is another example of the way we tap into nib s Group capability and skills to benefit our New Zealand operations and members. Our New Zealand NPS continued its positive trajectory jumping to 34.0%, up from 19.1% on the same time last year. A continuing focus on meeting the needs of our members in the most efficient and effective way has seen an increase in our costs as we further improve our technology and processes. International & New Business International (Inbound) Health Insurance Our international inbound health insurance business continues to deliver impressive top line and earnings growth, with premium revenue up 16.6% to $53.3 million 1 and UOP rising 15.5% to $17.9 million 1. Our sales pipeline for international students and workers has been a key driver of our commercial results, with net policyholder growth for the period of 8.8%. nib now provides health insurance to more than 170,000 2 international students and workers in Australia. The outlook for our iihi business remains positive, supported by strong growth prospects and stable margins. 1. Includes GU Health. 2. Total insured persons. 3

10 Directors Report continued REVIEW OF OPERATIONS continued World Nomads Group The first half performance for our travel insurance operations was mixed, with traction gained by our international expansion strategy offset by challenging domestic market conditions. International sales rose 14.4% to cover almost 175,000 travellers, with the North American market accounting for just over 40% of all international sales. However, our domestic operations were soft, with sales down 22.1%. Overall UOP for the period fell 51.1% to $2.3 million. Expanding our business operations and capturing more of the travel insurance value chain, particularly in international markets, led to the establishment of a European Managing General Agency (EMGA). Licencing requirements for this operation saw us incurring operating costs in advance of go live, with our EMGA incurring a loss of $1.1 million during the period. The first sale in this new model (replacing previous distribution arrangements) occurred in November Our acquisition of Australia s fourth largest travel insurer, QBE Travel, will help bolster our presence in the domestic market. The transaction, which was announced in August last year, is expected to be completed by May 2019 (previously, first quarter 2019). CAPITAL MANAGEMENT At 31 December 2018 the Group had net assets of $605.6 million (June 2018: $557.8 million) and a return on equity of 24.7%, using average shareholders equity and NPAT for the previous 12 months over a rolling 12-month period (December 2017: 26.6%). Further, at 31 December 2018 the Group had available capital of $60.9 million above our internal benchmark (after allowing for the payment of an interim dividend of 10.0 cents per share, totalling $45.6 million, in April 2019). DIVIDENDS Dividends paid to shareholders during the half year were as follows: 3 1 D e c D e c 17 Final dividend for the year ended 30 June 2018 of 11.0 cents ( cents) per fully paid share paid on 5 October In addition to these dividends, since the end of the half year the Directors have recommended the payment of a fully franked interim dividend of $45.6 million (10.0 cents per fully paid ordinary share) to be paid on 2 April 2019 out of retained profits at 31 December Subject to franking credit availability, the Board s position is that future ordinary dividends will reflect a dividend payout ratio of 60% to 70% of earnings with additional capacity to pay special dividends as part of future capital management. 4

11 Directors Report continued AUDITOR S INDEPENDENCE DECLARATION A copy of the Auditor s Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on page 6. ROUNDING OF AMOUNTS The Company is of a kind referred to in Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the rounding off of amounts in the Directors Report and Financial Report. Amounts in the Directors Report and Financial Report have been rounded off to the nearest hundred thousand dollars in accordance with that Instrument. This report is made in accordance with a resolution of the Directors. On behalf of the Board Steve Crane Director Anne Loveridge Director Newcastle, NSW 15 February

12 Auditor s Independence Declaration As lead auditor for the review of for the half-year ended 31 December 2018, I declare that to the best of my knowledge and belief, there have been: (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of and the entities it controlled during the period. Caroline Mara Partner PricewaterhouseCoopers Newcastle 15 February 2019 PricewaterhouseCoopers, ABN Level 3, 45 Watt Street, PO Box 798, NEWCASTLE NSW 2300 T: , F: , Liability limited by a scheme approved under Professional Standards Legislation.

13 Financial Report CONTENTS Consolidated Income Statement 8 Consolidated Statement of Comprehensive Income 9 Consolidated Balance Sheet 10 Consolidated Statement of Changes in Equity 11 Consolidated Statement of Cash Flows 12 Notes to the Consolidated Financial Statements: 1. Summary of Significant Accounting Policies Fair Value Measurement Segment Reporting Revenue and Other Income Expenses Taxation Receivables Financial Assets at Fair Value through Profit or Loss Deferred Acquisition Costs Borrowings Outstanding Claims Liability Premium Payback Liability Contributed Equity Dividends Earnings Per Share Capital Management Commitments for Expenditure Contingent Liabilities Events Occurring after the Balance Sheet Date Interest in other entities Parent Entity Financial Information Company Details 38 Page 7

14 Consolidated Income Statement H a lf ye a r 3 1 D e c D e c 17 N o t e s Premium revenue 4 1, ,055.2 Outw ards reinsurance premium expense 4 (14.8) (6.8) Net premium revenue 1, ,048.4 Claims expense (768.7) (715.6) Reinsurance and other recoveries revenue RESA levy (114.7) (99.5) State levies (17.1) (15.8) Decrease / (increase) in premium payback liability Claims handling expenses 5 (9.3) (8.9) Net claims incurred (903.7) (834.2) Other underw riting revenue Acquisition costs 5 (74.9) (63.7) Other underw riting expenses 5 (74.5) (58.6) Underw riting expenses (149.4) (122.3) Underw riting result Other income Other expenses 5 (42.4) (38.6) Share of net profit / (loss) of associates and joint ventures accounted for using the equity method (0.3) (0.2) Operating profit Finance costs 5 (3.8) (2.7) Investment income Investment expenses 5 (1.1) (1.0) Profit before income tax Income tax expense 6 (30.6) (31.6) Profit for the half year Profit for the half year is attributable to: Ow ners of Non-controlling interests - - Charitable foundation 20 (0.2) C e n t s C e n t s Earnings per share for profit from continuing operations attributable to the ordinary equity holders of the company Basic earnings per share Diluted earnings per share Earnings per share for profit attributable to the ordinary equity holders of the company Basic earnings per share Diluted earnings per share The above Consolidated Income Statement should be read in conjunction with the accompanying notes 8

15 Consolidated Statement of Comprehensive Income H a lf ye a r 3 1 D e c D e c 17 N o t e s Profit for the half year Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 2.8 (3.2) Income tax related to these items 6(a)(iii) (0.8) 0.8 Other comprehensive income for the half year, net of tax 2.0 (2.4) Total comprehensive income for the half year Total comprehensive income for the half year is attributable to: Ow ners of Non-controlling interests - - Charitable foundation 20 (0.2) The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes 9

16 Consolidated Balance Sheet As at 31 December 2018 ASSETS Current assets 3 1 D e c Ju n 18 N o t e s Cash and cash equivalents Receivables Financial assets at fair value through profit or loss Deferred acquisition costs Total current assets 1, ,048.1 Non-current assets Receivables Financial assets at fair value through profit or loss Investments accounted for using the equity method Deferred acquisition costs Property, plant and equipment Intangible assets Total non-current assets Total assets 1, ,447.5 LIABILITIES Current liabilities Payables Borrow ings Outstanding claims liability Unearned premium liability Premium payback liability Provision for employee entitlements Current tax liabilities Other liabilities Total current liabilities Non-current liabilities Payables Borrow ings Unearned premium liability Premium payback liability Provision for employee entitlements Deferred tax liabilities Other liabilities Total non-current liabilities Total liabilities Net assets EQUITY Contributed equity Retained profits Reserves (0.7) - Capital and reserves attributable to ow ners of Non-controlling interests - - Charitable foundation Total equity The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes 10

17 Consolidated Statement of Changes in Equity Attributa ble to owne rs of nib holdings limite d Cont ribut ed equit y Ret ained prof it s Reserves Tot al N oncont rolling i nt e r e st s C ha r i t a bl e f ounda t i on T o t a l e q u it y N o t e s $m Balance at 1 July (1.0) Profit for the half year Transfer to retained profits on sale of land and buildings, net of tax (1.1) Movement in foreign currency translation, net of tax - - (2.4) (2.4) - - (2.4) Total comprehensive income for the half year (3.5) Transactions w ith ow ners in their capacity as ow ners: Contributions of equity net of transaction costs and tax Shares acquired by the nib Holdings Ltd Share Ow nership Plan Trust 13 (1.1) - - (1.1) - - (1.1) Issue of shares held by nib Holdings Ltd Share Ow nership Plan Trust to employees (3.0) Employee performance rights - value of employee services Dividends paid 14 - (46.1) - (46.1) - - (46.1) 91.1 (46.1) (2.2) Balance at 31 December (1.1) (1.0) Balance at 30 June 2018 as originally presented Adjustment on adoption of AASB 9, net of tax - (0.1) - (0.1) - - (0.1) Adjustment on adoption of AASB 15, net of tax - (0.8) - (0.8) - - (0.8) Restated balance at 1 July Profit for the half year (0.2) 74.3 Movement in foreign currency translation, net of tax Total comprehensive income for the half year (0.2) 76.3 Consolidation of Charitable foundation Transactions w ith ow ners in their capacity as ow ners: Ordinary shares issued Shares acquired by the nib Holdings Ltd Share Ow nership Plan Trust 13 (1.9) - - (1.9) - - (1.9) Issue of shares held by nib Holdings Ltd Share Ow nership Plan Trust to employees (3.1) Employee performance rights - value of employee services Dividends paid 14 - (50.0) - (50.0) - - (50.0) 7.0 (50.0) (2.7) (45.7) - - (45.7) Balance at 31 December (0.7) The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes 11

18 Consolidated Statement of Cash Flows H a lf ye a r 3 1 D e c D e c 17 N o t e s Cash flow s from operating activities Receipts from policyholders and customers (inclusive of goods and services tax) 1, ,081.2 Payments to policyholders and customers (933.4) (828.5) Receipts from outw ards reinsurance contracts 7.5 (1.3) Payments for outw ards reinsurance contracts (15.4) 2.9 Payments to suppliers and employees (inclusive of goods and services tax) (217.3) (191.7) Dividends received Interest received Distributions received Transaction costs relating to acquisition of business (0.7) (3.3) Interest paid (3.8) (2.3) Income taxes paid (30.8) (38.5) Net cash inflow from operating activities Cash flow s from investing activities Proceeds from disposal of other financial assets at fair value through profit or loss Payments for other financial assets at fair value through profit or loss (90.0) (121.7) Proceeds from sale of assets classified as held for sale Payments for property, plant and equipment and intangibles (14.3) (9.2) Net cash from consolidation of Charitable foundation Payment for acquisition of business combination, net of cash acquired - (85.1) Payments for investments in associates and joint ventures 20 (7.9) - Net cash (outflow ) from investing activities 86.3 (42.9) Cash flow s from financing activities Proceeds from issue of shares Proceeds from borrow ings Shares acquired by the nib Holdings Ltd Share Ow nership Plan Trust 13 (1.9) (1.1) Share issue transaction costs 13 - (2.1) Dividends paid to the company's shareholders 14 (50.0) (46.1) Net cash inflow / (outflow ) from financing activities (47.7) Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the half year Effects of exchange rate changes on cash and cash equivalents (0.2) (0.7) Cash and cash equivalents at the end of the half year Reconciliation to Consolidated Balance Sheet Cash and cash equivalents Borrow ings - overdraft (2.3) (1.6) The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes 12

19 Notes to the Consolidated Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of and its subsidiaries. a) Basis of preparation of the half year report This consolidated interim financial report for the half year reporting period ended 31 December 2018 has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act is a for-profit entity for the purpose of preparing the financial statements. This consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2018 and any public announcements made by during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act b) Accounting policies The accounting policies adopted in the preparation of these interim financial statements are consistent with those of the previous financial year except for the policies stated below. Additional accounting policies are shown for new transactions that have occurred since the previous financial year. When the presentation or classification of items in the financial report is amended, comparative amounts have been reclassified. c) New or amended accounting standards and interpretations adopted The Group has adopted all of the new or amended accounting standards and interpretations issued by the AASB that are mandatory for the current reporting period. Any new or amended accounting standards or interpretations that are not yet mandatory have not been early adopted. i) AASB 9 Financial Instruments The Group has applied AASB 9 Financial Instruments from 1 July The standard introduces new classification and measurement models for financial assets. A financial asset shall be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows which arise on specified dates and that are solely principal and interest. A debt investment shall be measured at fair value through other comprehensive income if it is held within a business model whose objective is to both hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of its fair value. All other financial assets are classified and measured at fair value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for-trading or contingent consideration recognised in a business combination) in other comprehensive income ('OCI'). Despite these requirements, a financial asset may be irrevocably designated as measured at fair value through profit or loss to reduce the effect of, or eliminate, an accounting mismatch. For financial liabilities designated at fair value through profit or loss, the standard requires the portion of the change in fair value that relates to the entity's own credit risk to be presented in OCI (unless it would create an accounting mismatch). New simpler hedge accounting requirements are intended to more closely align the accounting treatment with the risk management activities of the entity. New impairment requirements use an 'expected credit loss' ('ECL') model to recognise an allowance. Impairment is measured using a 12- month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted. For receivables, a simplified approach to measuring expected credit losses using a lifetime expected loss allowance is available. 13

20 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued c) New or amended accounting standards and interpretations adopted continued i) AASB 9 Financial Instruments continued The adoption of AASB 9 resulted in changes in accounting policies and adjustments to the amounts recognised in the financial statements. In accordance with transitional provisions in AASB 9 comparative figures have not been restated. The impact on the consolidated financial performance and position of the Group from the adoption of AASB 9 is detailed in note 7. ii) AASB 15 Revenue from Contracts with Customers The Group has adopted AASB15 from 1 July The standard provides a single comprehensive model for revenue recognition. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduces a new contract-based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. Credit risk is presented separately as an expense rather than adjusted against revenue. Contracts with customers are presented in an entity's statement of financial position as a contract liability, a contract asset, or a receivable, depending on the relationship between the entity's performance and the customer's payment. Customer acquisition costs and costs to fulfil a contract can, subject to certain criteria, be capitalised as an asset and amortised over the contract period. The adoption of AASB 15 resulted in an additional unearned revenue payable adjustment of $1.1 million and associated deferred tax asset of $0.3 million, both raised against retained earnings as at 1 July

21 2. FAIR VALUE MEASUREMENT a) Fair value hierarchy This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group classifies its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows below the table. The following tables present the Group s assets and liabilities measured and recognised at fair value at 31 December 2018 and 30 June 2018: L e ve l 1 L e ve l 2 L e ve l 3 T o t a l Group at 31 December 2018 Assets Cash and cash equivalents and deposits at call Receivables Financial assets at fair value through profit or loss Equity securities Interest-bearing securites Mortgage trusts Property trusts Short term deposits Derivative financial instruments Total assets L e ve l 1 L e ve l 2 L e ve l 3 T o t a l Group at 30 June 2018 Assets Cash and cash equivalents and deposits at call Receivables Financial assets at fair value through profit or loss Equity securities Interest-bearing securites Mortgage trusts Property trusts Short term deposits Total assets The Group classifies its financial instruments into three levels based on the valuation techniques described below: Level 1 The fair value of financial instruments traded in active markets (for example shares in companies listed on a stock exchange) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. Level 2 The fair value of financial instruments that are not traded in active markets (for example over the counter fixed interest bonds or units in unlisted trusts) is determined using the unit price provided by the underlying fund manager. Level 3 The fair value of financial instruments where one or more significant inputs is not based on observable market data (for example units held in illiquid unlisted property trusts), is determined using the unit price provided by the underlying fund manager. 15

22 2. FAIR VALUE MEASUREMENT continued b) Transfers between levels The Group s policy is to recognise transfers into and transfers out of the fair value hierarchy levels as at the end of the reporting period. Investments in unlisted unit trusts have been reclassified to level 2 following a detailed review of the valuation techniques used in these investments. Comparative amounts have also been reclassified. c) Valuation processes The finance department of the Group includes a team that performs the valuations of non-property items required for financial reporting purposes. The level 2 and 3 inputs used by the Group are derived from unit prices provided by investment fund managers. d) Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 instruments for the periods ended 31 December 2018 and 30 June 2018: 3 1 D e c Ju n 18 Fair value measurement as at 1 July Acquisition of business Purchased Sales (0.8) (1.2) Change in fair value (0.1) Fair value measurement at end of period Includes unrealised gains or (losses) recognised in profit or loss attributable to balances held at the end of the reporting period. The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: De sc ription At 31 December 2018 Unlisted property trusts At 30 June 2018 Unlisted property trusts F a ir va lu e $m U n o b se rva b le in p u t s Redemption price Redemption price R e la t io n sh ip o f u n o b se rva b le in p u t s t o fa ir va lu e Higher/(low er) redemption price (+/- 10%) w ould increase/(decrease) fair value by $1.3m Higher/(low er) redemption price (+/- 10%) w ould increase/(decrease) fair value by $1.3m e) Fair values of other financial instruments The Group also had another financial instrument which was not measured at fair value in the balance sheet. This had the following fair value as at 31 December 2018 and 30 June 2018: 3 1 D e c Ju n 18 C a rryin g C a rryin g a mo u n t F a ir va lu e a mo u n t F a ir va lu e Non-current borrowings Bank loans The carrying value less impairment provision of other receivables and payables are assumed to approximate their fair values due to their short-term nature and interest charges being based on floating market rates. 16

23 3. SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to Executive management. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director/Chief Executive Officer (MD/CEO). The MD/CEO assesses the performance of the operating segments based on underlying operating profit. This measurement basis excludes from the operating segments the effects of non-recurring income and expenditure such as integration costs, merger and acquisition costs, new business implementation costs and amortisation of acquired intangibles. No information regarding assets, liabilities and income tax is provided for individual Australian Residents Health Insurance and International (Inbound) Health Insurance segments to the MD/CEO. Furthermore, investment income and expenditure for Australia is not allocated to individual Australian segments as this type of activity is driven by the central treasury function, which manages the cash position of the Australian companies. Management has determined the operating segments based on the reports reviewed by the MD/CEO that are used to make strategic decisions. The MD/CEO considers the business from both a geographic and product perspective and has identified four reportable segments: Australian Residents Health Insurance nib s core product offering within the Australian private health insurance industry New Zealand Residents Health Insurance nib s core product offering within the New Zealand private health insurance industry International (Inbound) Health Insurance nib s offering of health insurance products for international students and workers World Nomads Group nib s distribution of travel insurance products 17

24 3. SEGMENT REPORTING continued F o r t h e h a lf ye a r e n d in g 3 1 D e c e mb e r A ust r a l i a n I nt e r na t i ona l Resident s ( I nbound) New Zealand Wor l d H e a l t h H e a l t h H e a l t h N oma ds Unallocat ed I nsur a nc e I nsur a nc e I nsur a nc e Gr oup t o se gme nt s Tot a l Premium revenue 1, ,178.7 Outw ards reinsurance premium expense (6.7) (8.1) (14.8) Net premium revenue 1, ,163.9 Claims expense (682.3) (22.7) (63.7) - - (768.7) Reinsurance and other recoveries revenue RESA (114.7) (114.7) State levies (17.1) (17.1) Decrease in premium payback liability Claims handling expenses (7.7) (0.9) (0.7) - - (9.3) Net claims incurred (818.6) (20.9) (64.2) - - (903.7) Other underw riting revenue Acquisition costs (50.7) (6.9) (17.3) - - (74.9) Other underw riting expenses (49.5) (8.1) (13.5) - - (71.1) Underw riting expenses (100.2) (15.0) (30.8) - - (146.0) Underw riting result Other income Other expenses (31.2) (6.5) (37.7) Share of net profit / (loss) of associates and joint ventures accounted for using the equity method (0.2) (0.1) (0.3) Underlying operating profit / (loss) (3.7) Items not included in underlying operating profit Amortisation of acquired intangibles (0.9) (0.8) (1.7) (1.0) - (4.4) One-off transactions, merger, acquisition and new business implementation costs (2.7) (2.7) Finance costs (3.8) (3.8) Investment income Investment expenses (1.1) (1.1) Profit before income tax from continuing operations Inter-segment other income Total assets ,435.3 Total liabilities Insurance liabilities Outstanding claims liability Unearned premium liability Premium payback liability Total Inter-segment other income is eliminated on consolidation and not included in operating profit. 18

25 3. SEGMENT REPORTING continued F o r t h e h a lf ye a r e n d in g 3 1 D e c e mb e r A ust r a l i a n I nt e r na t i ona l Resident s ( I nbound) New Zealand Wor l d H e a l t h H e a l t h H e a l t h N oma ds Unallocat ed I nsur a nc e I nsur a nc e I nsur a nc e Gr oup t o se gme nt s Tot a l Premium revenue ,055.2 Outw ards reinsurance premium expense (2.2) (4.6) (6.8) Net premium revenue ,048.4 Claims expense (638.2) (19.4) (58.0) - - (715.6) Reinsurance and other recoveries revenue RESA (99.5) (99.5) State levies (15.8) (15.8) Decrease in premium payback liability Claims handling expenses (7.5) (0.6) (0.8) - - (8.9) Net claims incurred (760.0) (18.1) (56.1) - - (834.2) Other underw riting revenue Acquisition costs (41.2) (5.7) (16.8) - - (63.7) Other underw riting expenses (37.9) (6.9) (11.5) - - (56.3) Underw riting expenses (79.1) (12.6) (28.3) - - (120.0) Underw riting result Other income Other expenses (27.8) (4.8) (32.6) Share of net profit / (loss) of associates and joint ventures accounted for using the equity method (0.2) (0.2) Underlying operating profit / (loss) (3.2) 96.4 Items not included in underlying operating profit Amortisation of acquired intangibles - (0.4) (1.9) (1.1) - (3.4) One-off transactions, merger, acquisition and new business implementation costs (4.9) (4.9) Finance costs (2.7) (2.7) Investment income Investment expenses (1.0) (1.0) Profit before income tax from continuing operations Inter-segment other income Total assets ,335.0 Total liabilities Insurance liabilities Outstanding claims liability Unearned premium liability Premium payback liability Total Inter-segment other income is eliminated on consolidation and not included in operating profit. 19

26 4. REVENUE AND OTHER INCOME H a lf ye a r 3 1 D e c D e c 17 Premium revenue 1, ,055.2 Outw ards reinsurance premiums (14.8) (6.8) Net premium revenue 1, ,048.4 Agency fee Sundry income Other underw riting revenue Other income Travel insurance commission Life and funeral insurance commission and other commissions Deferred profit on sale and leaseback of head office building Insurance recoveries Sundry income Investment income Interest Net realised gain (loss) on financial assets at fair value through profit or loss Net unrealised gain (loss) on financial assets at fair value through profit or loss (6.7) 10.2 Dividends

27 5. EXPENSES H a lf ye a r 3 1 D e c D e c 17 Expenses by function Claims handling expenses Acquisition costs Other underw riting expenses Other expenses Finance costs Investment expenses Total expenses (excluding direct claims expenses) Expenses by nature Amortisation of acquired intangibles Bank charges Communications, postage and telephone expenses Depreciation and amortisation Employee costs Finance costs Information technology expenses Investment expenses Marketing expenses - excluding commissions Marketing expenses - commissions Merger, acquisition and new business implementation costs Operating lease rental expenses Professional fees Other expenses Total expenses (excluding direct claims expenses)

28 6. TAXATION a) Income tax H a lf ye a r 3 1 D e c D e c 17 i) Income tax expense Recognised in the income statement Current tax expense Deferred tax expense (2.3) 8.1 Under (over) provided in prior years (0.1) 0.2 Under (over) provided in prior years - research and development tax credit (0.1) 0.2 Income tax expense is attributable to: Profit from continuing operations Aggregate income tax expense Deferred income tax expense included in income tax expense comprises: Increase in deferred tax assets (1.5) 7.6 Increase in deferred tax liabilities (0.8) 0.5 ii) Numerical reconciliation of income tax expense to prima facie tax payable (2.3) 8.1 Profit from continuing operations before income tax expense Tax at the Australian tax rate of 30% (December 2017: 30%) Tax effect of amounts w hich are not deductible (taxable) in calculating taxable income: Sundry items (0.5) 0.5 Adjustment for current tax of prior periods (0.1) 0.2 Adjustment for current tax of prior periods - research and development tax credit (0.1) 0.2 Unrecognised tax losses and deferred tax assets Differences in foreign tax rates (0.2) (0.3) Income tax expense iii) Tax expense relating to items of other comprehensive income Foreign currency translations 0.8 (0.8) 0.8 (0.8) iv) Amounts recognised directly to equity Aggregate current and deferred tax arising in the reporting period and not recognised in net profit or loss or other comprehensive income but directly debited or credited to equity: Share issue costs

29 7. RECEIVABLES 3 1 D e c Ju n 18 Current Premium receivable Private Health Insurance Premiums Reduction Scheme receivable Other receivables Provision for impairment loss (2.0) (1.7) Prepayments Expected future reinsurance recoveries undiscounted on claims paid on outstanding claims Non-current Other receivables a) Changes in accounting policies i) Adoption of AASB 9 Financial Instruments The Group has applied the simplified approach to measuring expected credit losses, as a result an additional provision of $0.1 million was raised against retained earnings as at 1 July b) Accounting policy i) Premium receivables Amounts due from policyholders are initially recognised at fair value, being the amounts due. They are subsequently measured at fair value which is approximated by taking this initially recognised amount and reducing it for an allowance for expected credit losses. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, premium receivables have been grouped based on shared risk characteristics. The amount of expected credit losses is recognised in the Consolidated Income Statement. ii) Other receivables Other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Other receivables are generally due for settlement within 30 days. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, other receivables have been grouped based on shared risk characteristics. The amount of expected credit losses is recognised in the Consolidated Income Statement. When a receivable becomes uncollectible it is written off against the expected credit loss account. Subsequent recoveries of amounts previously written off are credited against other expenses in the Consolidated Income Statement. 23

30 7. RECEIVABLES continued b) Accounting policy continued iii) Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12- month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss. 24

31 8. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 3 1 D e c Ju n 18 Current Equity securities Interest-bearing securities Mortgage trusts Property trusts Short term deposits Derivative financial instruments Non-current Mortgage trusts Property trusts a) Current and non-current split The redemption terms for investments in certain managed trusts can be varied by their responsible entities in response to market conditions. For those investments which cannot be redeemed entirely within one year from reporting date, the amounts have been allocated between current and non-current in accordance with the maximum percentage redeemable within one year as per the most recent advice from the manager at the end of the reporting period. 25

32 9. DEFERRED ACQUISITION COSTS 3 1 D e c Ju n 18 Current Non-current Movements in the deferred acquisition costs are as follows: 3 1 D e c Ju n 18 Balance at beginning of year Acquisition costs deferred during the period Amortisation expense (24.3) (47.1) Exchange differences 0.9 (0.9) Deferred acquisition costs by segment are as follows: 3 1 D e c Ju n 18 Australian Residents Health Insurance New Zealand Residents Health Insurance International (Inbound) Health Insurance

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