Medibank Private Ltd (ASX: MPL) Share Price and News
Key Statistics
About Medibank Private Ltd
Medibank is a private health insurance company. It was formerly a government entity but was privatised a decade ago and listed on the ASX. It serves over 4 million customers.
Medibank Private Ltd Company History
Started as a government initiative in 1976, it was a response to regulate private health insurance prices. Medibank gradually broadened its scope to offer other forms of insurance too, such as travel, life and pet insurance.
The company listed on the ASX in 2014 as the Abbott government wanted to sell it. The company continued to innovate in the years ahead - most notably entering the in-home healthcare services market by buying Home Support Services (HSS) in 2018. The company was hit with a cyberhack in late 2022 that hit its share price for several months, although its share price gradually recovered.
In FY23, it made a $511.1m profit (up 30%), even in spite of $46.4m non-recurring cybercrime costs and paying out over $6bn in claims. It followed this up with a $262.5m profit in 1HY24, up 16% from 1HY23.
Medibank's Outlook
Medibank has well and truly recovered from the cyber attack and is recording policyholder growth, particularly amongst those taking out cover for the first time.
It faces a number of risks, however, in the forms of industry competition, the risk of people giving up private health insurance due to cost of living pressures as well as underperformance in its investments.
Is Medibank Private a Good Stock to Buy?
Yes. It is a consistent dividend payer and has a track record of policyholder growth ever since it listed on the ASX.
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Frequently Asked Questions
Medibank, established in 1976 and privatized in 2014, is Australia's largest health insurer, covering ~4m million Australians. It provides private health insurance policies and integrated healthcare services, aiming to create a healthier future for all Australians.