Medibank Private (MPL) -5.6%: a modest beat with dividends up and premium revenue growth holding, while investment income was weaker and cost inflation persists.
- Net income: $302.9m (-11% y/y) – consensus $298.3m
- Revenue: $4.50bn (+5.5% y/y) – consensus $4.47bn.
- Health insurance premium revenue: $4.26bn (+4.3% y/y)
- Interim dividend: $0.083 (vs A$0.078)
A solid result, but growth is clearly moderating offset by pricing/scale benefit keeping earnings resilient.
MM is neutral MPL ~$4.50
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