Medibank’s annual general meeting (AGM) was held in Melbourne on 13 November 2017. Our annual report is available at our investor centre.
Welcome
We are delighted to present Medibank's 2017 Annual Review.
You will find information about our performance against our 2017 strategic priorities of strengthening the core, improving healthcare value and expanding our customer offering. You can also learn more about our people and commitment to the community and environment.
Our top priority in 2017 was our customers. We made significant improvements to the service, experience and value we deliver. This was just the start. There is more to do and we look forward to sharing our progress with you next year.
Elizabeth Alexander AM
Chairman
Craig Drummond
Chief Executive Officer
About Medibank
Our purpose - Better Health for Better Lives
Ambition - To deliver Better Health for Better Lives we will:
- Broaden the offering of our Medibank and ahm brands to deliver the best combination of products, service and advice for our customers.
- Build a market leading health services offering for our customers.
Customers first
Our customers are at the centre of everything we do.
Show heart
We show compassion. We care for each other, our customers and our community.
Own it do it
We are accountable. We deliver on our promises, even when it’s hard. We make it happen.
One team
We work better and smarter together. More we, less me.
“Medibank has an increasingly important role to play in helping our customers live healthier and happier lives. To do this, we are embracing a bigger purpose - Better Health for Better Lives.”
Craig Drummond
Chief Executive Officer
Business snapshot
Some key facts and figures for the 2017 financial year
$5.2b
Benefits paid to our customers
1.6m+
Number of customers receiving greater value through new and extended benefits
2,859
including 640 health professionals
Number of full-time equivalent employees (As at 30 June 2017. Around 250 additional health professionals joined Medibank through our HealthStrong acquisition in July 2017)
80%
improvement to two minutes
Average speed of answer in our customer service centre (Q417 VS Q416)
1.7m+
interactions
Number of interactions with Australians through our telehealth services
1.3m+
Hospital admissions supported
500,000+
Surgical procedures supported
23.5m+
Extras services supported (Calculation based on different methodology compared to 2016)
475
Members' Choice hospitals
14,000+
Members' Choice extras providers
50%
Proportion of senior leaders who are women
81%
Employee engagement (up from 78%)
$6.3m
Community investment including sponsorships and partnerships
26.93%
Market share
3.7m+
Number of customers
Financial summary
All data is presented on a statutory basis
cents per share
Total dividend for 2017 (interim and final) fully franked
Group net profit after tax
($m)
* Excludes impairment and restructuring expenses in 2014 ($134.7 million before tax; $121.0 million after tax) in relation to the write-down of goodwill mainly associated with the Telehealth business and costs incurred in relation to the reorganisation within Medibank Health.
Health Insurance premium revenue
($m)
Health Insurance net claims expense
(including risk equalisation)($m)
Composition of 2017 segment operating profit
(%)
| Health Insurance | 93.3% | |
| Medibank Health | 6.7% |
Health Insurance operating profit
($m)
Health Insurance MER*
(%)
* Management expense ratio