NZ weighs on nib's performance despite increased profits

Post-pandemic claims inflation in NZ is hurting insurer nib. (Image: NZME)

Tue, 12 Nov 2024

ASX-listed insurer nib says that its New Zealand operations are weighing on its earnings performance.In an earnings update, chief executive Mark Fitzgibbons said that “extraordinary growth in New Zealand claims experience is weighing heavily on this year’s group commercial performance, with an expected operating loss in 1H25 of about AUD$10 million" ($11m).Fitzgibbons said this was a trend encountered by all insurers in NZ and that conditions were forecast to improve in the second half of the second half of the current financia...

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