The consolidation is designed to simplify the company’s structure and improve the efficiency of its operations, with the aim of making processes more straightforward for policyholders.
According to Rob Hennin, chief executive officer of nib NZ, the decision to merge the health, life, and living insurance businesses under one company is intended to streamline customer interactions.
“By bringing our health, life, and living insurance businesses together, we’re making it easier for members to engage with us and access the support they need,” he said.
He said that the transition does not alter existing policy terms, benefits, or coverage for members.
The most noticeable change for affected policyholders will be the updated insurer name on official documents and financial statements.
Those who previously held policies with nib nz insurance limited will now see nib nz limited listed as their insurer. Policyholders already under nib nz limited are not impacted by the change.
The restructuring follows the release of nib Holdings Limited’s financial results for the first half of the 2025 financial year.
The group reported total revenue of A$1.8 billion, up 7.7% from A$1.7 billion in the same period last year.
Despite the revenue growth, underlying operating profit (UOP) fell by 26.7% to A$105.8 million, and net profit after tax dropped to A$82.9 million from A$103.9 million.
Ed Close, group managing director and CEO, attributed the decline in profit to a combination of high margins in the prior year and ongoing financial pressures in the New Zealand market. He said the company is continuing to address claims inflation and is maintaining its focus on pricing strategies to support long-term stability.
For the New Zealand division, nib reported an underlying operating loss of NZ$10.9 million for the first half of FY25, compared to a profit of NZ$13.0 million in the previous corresponding period.
The company cited increased claims costs and subdued economic growth as primary factors behind the loss.
However, revenue for the New Zealand segment rose by 12.1% to NZ$218.0 million.
Hennin noted that rising costs are affecting both insurers and customers, with claims inflation in the health insurance business reaching 17.6%. Service costs grew by 7.6%, and utilisation rates increased by 9.3%. Despite these pressures, the number of policyholders remained steady.
