Medibank Private sits in Rivkin’s ASX Blue Chip Portfolio. The company reported its FY26 full year result on Thursday 20 August 2026, covering the twelve months to 30 June 2026.
Group revenue rose 5.9% to $9.1 billion, with resident premium revenue of roughly $8.27 billion doing most of the work. Group segment operating profit climbed 6.7% to $813.5 million, about 1% short of what analysts had pencilled in. Underlying net profit after tax reached $636.8 million, up 2.9%, translating to underlying earnings of 23.1 cents per share, in line with consensus. Statutory net profit jumped 27.5% to $638.7 million, flattered by a lower cybercrime expense of $34.9 million and the absence of prior year one-offs. Net investment income fell 13.9% to $178.9 million.
The health insurance division lifted operating profit 3.8% to $769.8 million on a gross margin holding near 17%. Medibank Health, the services arm, grew profit 31.3% to $100.7 million. Resident policyholders grew 1.1%, adding 22,100 policies, while non-resident policies fell 2.3%, or 8,200 units.
| Metric | Actual | Comparison |
| Group revenue | $9.1bn | +5.9% on FY25 |
| Group operating profit | $813.5m | +6.7%; ~1% below consensus |
| Underlying EPS | 23.1c | +2.9%; in line |
| Statutory NPAT | $638.7m | +27.5% |
| Final dividend | 10.9c fully franked | FY26 total 19.2c, +6.7% |
The board declared a fully franked final dividend of 10.9 cents, taking the full year payout to 19.2 cents, up 6.7%.
For FY27, management expects the resident health insurance gross margin to sit broadly consistent with FY26, operating expense growth of about 5.4%, Medibank Health segment profit growth of around 25%, and a further $10 million of productivity savings. Hospital claims inflation is expected to rise on changing utilisation, while cyber costs should fall as the security program winds down.
Chief executive David Koczkar framed the demand backdrop bluntly: “The community is getting older, but also the community is getting less well.” He added that “around 60% of adult Australians having one chronic condition, and 40% having two or more chronic conditions, we’re getting older and sicker, and therefore the demand for health is increasing.” Chief financial officer Mark Rogers said the result “demonstrates our ability to manage through the cycle, balance growth and profitability, and invest to build a more sustainable and diverse business.”
Shares fell 6.36% on the day to close at $4.71, leaving the stock down about 2.1% year to date.
