View source for Nib Health Funds

{{Use dmy dates|date=July 2017}}
{{lowercase title}}
{{Infobox company
| name              =  nib Group
| logo              =
| logo_size         =
| caption           =
| type              =  [[Public company|Public]]
| traded_as  = {{ubl|{{ASX|NHF}}|[[S&P/ASX 200]] component}}
| foundation        =  1952
| founder           =  [[BHP]] [[Newcastle Steelworks]] workers
| location_city     =  [[Newcastle, New South Wales|Newcastle]], [[New South Wales|NSW]]
| location_country  =  <br />[[Australia]]
| locations         =
| area_served       =
| key_people        =  David Gordon (Chairman) <br /> Ed Close (CEO and Managing Director)
| industry          =  [[Insurance]]
| products          =  [[Health insurance]]<br />[[Travel insurance]] <br /> [[Life insurance]]
| services          =
| revenue           =  {{increase}} [[Australian dollar|A$]]2.522 billion <small>(2020)</small>
| operating_income  =
| net_income        =  {{decrease}}A$90.1 million <small>(2020)</small>
| assets            =
| equity            =
| owner             =
| num_employees     =  1,500
| homepage          =  [http://www.nib.com.au/ www.nib.com.au]
| footnotes         =
}}
'''nib Group''' ('''nib''', formerly '''Newcastle Industrial Benefits''') is an Australian [[health care in Australia|health care fund]]. It was established in 1952 to provide health insurance for workers at the [[BHP]] [[Newcastle Steelworks]], and has since grown into a national and international operation.<ref>[https://www.nib.com.au/about-us nib Health Funds ''Company History'' nib.com.au]</ref> As of 2017, nib held an 8.3% share of the Australian private health cover market.<ref>{{cite web |title=2017 State of the Health Funds |url=http://www.ombudsman.gov.au/publications/reports/state-of-the-health-funds/all-reports/docs/2017-state-of-the-health-funds-report |publisher=Private Health Insurance Ombudsman |access-date=11 February 2019}}</ref>
== History ==
nib was established in 1952 to provide health insurance for workers at the [[BHP]] [[Newcastle Steelworks]].
===Privatisation===
In 2007, eligible policyholders and company members voted in favour of demutualisation of the health fund.  The [[Federal Court of Australia]] approved  the demutualisation on 5 November 2007.{{Citation needed|date=February 2019}} Later that day, nib became the first private health insurance fund to list on the [[Australian Securities Exchange]] (ASX).<ref>[http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=NHF ASX ''nib holdings limited'']</ref><ref name=premium>{{cite news|title=nib shares debut at healthy premium|url=http://www.theage.com.au/news/business/nib-shares-debut-at-healthy-premium/2007/11/05/1194117936643.html|access-date=25 November 2014|newspaper=[[The Age]]|date=6 November 2007}}</ref>
===Diversification and expansion===
In 2010, nib set about expanding globally, purchasing IMAN International Pty Ltd, a specialist provider of health cover for temporary migrant workers in Australia for approximately $25 million.<ref>{{Cite web|url=https://www.nib.com.au/nib-news/content/archive/2010/07/ASX%20Announcement_nib%20acquires%20IMAN_050710.pdf|title=IMAN announcement|website= nib.com.au}}</ref> In 2012, they acquired the New Zealand health insurer, TOWER Medical Insurance, from  [[Tower Insurance]], for approximately NZ$102 million (A$80 million).<ref>{{Cite web|url=http://www.afr.com/business|title=AFR article|website=afr.com.au|archive-url=https://web.archive.org/web/20170414060322/http://www.afr.com/business|archive-date=14 April 2017|url-status=dead|df=dmy-all}}</ref> As of 2012, nib New Zealand was the country's second largest health insurer, providing health and medical insurance to around 160,000 New Zealanders.<ref>{{Cite web|url=https://www.nib.com.au/nib-news/content/archive/2012/11/ASX%20Announcement_nib%20acquires%20TMIL%20NZ_021112.pdf|title=nib NZ|website=nib.com.au}}</ref>
In 2013, nib launched [[Whitecoat Health Service Directory]], a free online search and comparison service.<ref name=Whitecoat>{{cite news|title=New website Whitecoat lets NIB users compare physiotherapists dentists and chiropractors|url=http://www.news.com.au/finance/money/new-website-whitecoat-lets-nib-users-compare-physiotherapists-dentists-and-chiropractors/story-fnagkbpv-1226755153664|access-date=26 November 2014|newspaper=[[news.com.au]]|date=7 November 2013}}</ref> The site has been likened to being the [[TripAdvisor]] of the healthcare sector.<ref>{{Cite web|url=http://www.news.com.au/lifestyle/health/first-tripadvisor-then-uber-now-theres-an-online-website-to-help-you-find-the-cheapest-best-doctor/news-story/071c38ef2c315a487f7f0f99143779bf|title=Whitecoat|date=28 July 2016|website=[[news.com.au]]}}</ref> While popular with consumers, the service has received significant criticism from doctors and medical groups.<ref>{{cite web |url=https://www.smh.com.au/national/doctors-see-red-over-whitecoat-website-20110526-1f63j.html |title=Doctors see red over whitecoat website |date=May 26, 2011 |work=[[The Sydney Morning Herald]] |archive-url=https://web.archive.org/web/20201123020555/https://www.smh.com.au/national/doctors-see-red-over-whitecoat-website-20110526-1f63j.html |archive-date=November 23, 2020 |url-status=live}}</ref><ref>{{cite web |url=https://www.news.com.au/lifestyle/health/first-tripadvisor-then-uber-now-theres-an-online-website-to-help-you-find-the-cheapest-best-doctor/news-story/071c38ef2c315a487f7f0f99143779bf |title=First TripAdvisor, then Uber now there's an online website to help you find the cheapest, best doctor |last=Dunlevy |first=Sue |date=July 28, 2016 |work=[[News.com.au]] |archive-url=https://web.archive.org/web/20201031221551/https://www.news.com.au/lifestyle/health/first-tripadvisor-then-uber-now-theres-an-online-website-to-help-you-find-the-cheapest-best-doctor/news-story/071c38ef2c315a487f7f0f99143779bf |archive-date=October 31, 2020 |url-status=live}}</ref><ref>{{Cite web|title=Launch of website to rate NZ doctors a 'serious concern', says medical union|language=en-NZ|work=[[TVNZ]]|url=https://www.tvnz.co.nz/one-news/new-zealand/launch-website-rate-nz-doctors-serious-concern-says-medical-union |archive-url=https://web.archive.org/web/20201024185858/https://www.tvnz.co.nz/one-news/new-zealand/launch-website-rate-nz-doctors-serious-concern-says-medical-union |archive-date=October 24, 2020 |url-status=live}}</ref>
In 2014, nib entered a distribution alliance with [[Suncorp]] subsidiary Apia to sell private health insurance under the Apia brand.<ref>{{Cite web|url=https://www.nib.com.au/nib-news/media/2014/05/nib-and-apia-enter-distribution-alliance|title=nib and Apia enter distribution alliance|website=nib.com.au}}</ref> Later that year, nib partnered with global medical insurer [[AXA PPP International]] in launching a global health cover pilot product in New Zealand.<ref>{{Cite web|url=https://www.nib.com.au/nib-news/media/2014/09/kiwi-company-launches-international-health-insurance-cover|title=International health insurance|website=nib.com.au}}</ref>
In 2016, nib announced the acquisition of World Nomads Group, Australia's third-largest distributor of travel insurance, for $95 million.<ref>{{cite web |title=Health insurer nib buys OnePath NZ book for $22.6m |url=https://www.smh.com.au/business/nib-buys-onepath-nz-health-insurance-book-for-226m-20151015-gk9fnw.html |website=Sydney Morning Herald |publisher=Nine Entertainment Co.}}</ref> In 2019, nib rebranded World Nomads Group to nib Travel. The following year they acquired GU Health, Australia's only established specialist corporate group health insurer, for $155.5 million.<ref>{{Cite web|url=https://www.nib.com.au/nib-news/media/2017/09/nib-to-acquire-specialist-corporate-private-health-insurer-gu-health|title=GU Health|website=nib.com.au}}</ref>
In 2019, nib acquired QBE’s travel insurance business, QBE Travel, as part of its World Nomads Group expansion. nib also announced a partnership with [[Tasly]], a Chinese pharmaceutical company.{{citation needed|date=November 2020}}
==nib foundation==
{{Unreferenced section|date=November 2020}}
nib established the charity group nib foundation in 2008, following a $25 million donation raised through the issue of new shares at the time of listing nib on the Australian Securities Exchange in November 2007.{{Citation needed|date= November 2020}} Since inception, over $19 million in grant funding has been provided to aid the development and delivery of health and wellbeing initiatives. The foundation has partnered with 140 Australian charities at a local and national level.{{Citation needed|date= November 2019}}
==Sponsorship and ambassadors==
nib sponsors a number of major sporting organisations in Australia and New Zealand, including the [[Newcastle Knights]], the [[New South Wales rugby league team]], the [[Blues (Super Rugby)|Auckland Blues]], the [[Richmond Football Club|Richmond Tigers]] Men's and Women's leagues<ref>{{Cite web|url=https://www.nib.com.au/the-checkup/community/nib-partner-with-richmond-tigers|title = The Check up - Health Insurance & Healthy Living News &#124; nib}}</ref><ref>https://www.nib.com.au/nib-news/media/2019/05/nib-becomes-first-major-partner-of-richmond-s-inaugural-aflw-team AFLW</ref> and the [[Newcastle Jets FC (W-League)|Newcastle Jets W-League]].
Former rugby league footballer, [[Paul Harragon]], has been an [[Brand ambassador|ambassador]] for the company since 1991. In 2023, the company announced former sportsperson and media personality [[Dylan Alcott]] as an ambassador, as well as appointing him Chief Motivation Officer.
==References==
{{Reflist}}
==External links ==
*[https://www.nib.com.au/ Official website]
{{S&P/ASX 200}}
{{Authority control}}
[[Category:Health insurance in Australia]]
[[Category:Newcastle, New South Wales]]
[[Category:Financial services companies established in 1952]]
[[Category:Insurance companies of Australia]]
[[Category:Companies listed on the Australian Securities Exchange]]
[[Category:Australian companies established in 1952]]
[[Category:Funds]]