Nib's NZ first-half earnings eroded by premium payback product, premiums rise

Mon, 23 Feb 2015

By Paul McBeth Feb. 23 (BusinessDesk) - Nib Holdings' New Zealand unit posted a 76 percent drop in first-half earnings as it recognised the liability of its premium payback product, even as premium revenue rose from a year earlier. New Zealand operating profit fell to A$763,000 in the six months ended Dec. 31 from A$3.21 million a year earlier, the Sydney-based insurer said in a statement. That was largely due to a A$3.3 million charge in its premium payback liability, a product that reimburses policyholders the difference between premium...

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