Australian government-owned private health insurer Medibank Private has reported net profit of A$295.2 million for fiscal 2007, a 47.5% increase when compared with the previous year, the Sydney Morning Herald has revealed. In addition, Medibank's underwriting profit rose 52.1% to A$152.6 million.
Attributing the results to remarkable growth in new memberships and market share, as well as a strong performance from its investment portfolio, the organization maintained that it expects to continue its strong performance whether or not it remains under government ownership.
Managing director of Medibank, George Savvides, said: Our plans are based as a government business enterprise, and the success that we’ve enjoyed as a health fund in the last few years has been that of a government business enterprise. So we don’t have any issues about any future scenarios about government, as cited by the Sydney Morning Herald.
Reiterating that he expects a positive outlook irrespective of what happens to the company, Mr Savvides said: A change of ownership will just change, if you like, a different set of strategies that we would pursue. But we see Medibank Private as continuing to be a very successful organization, with the ability to grow our position in the market, under whatever scenario comes our way.