Australia’s private health insurers’ profit surges 64% YoY in September quarter

Total assets gradually increased 2.1% YoY to $13.06b.

The profit of Australia’s private health insurers surged 64.1% year-on-year (YoY) to $401.3m (A$627m) in the quarter ending September, Australian Prudential Regulation Authority data showed.

Driven by growth seen in insurance revenue, which garnered $5.25b (A$8.2b), a 7.4% YoY increase.

Similarly, the sector’s total assets gradually increased 2.1% YoY to $13.06b (A$20.4b).

The quarter gathered data from 29 private health insurers, lower than the listed 30 in the past four quarters.

($1.00 = A$1.56)