nib Health Funds
{{Use dmy dates|date=July 2017}}
{{lowercase title}}
{{Infobox company
| name = nib Group
| type = Public
| traded_as = {{ubl|{{ASX|NHF}}|S&P/ASX 200 component}}
| foundation = 1952
| founder = BHP Newcastle Steelworks workers
| location_city = Newcastle, NSW
| location_country =
Australia
| key_people = David Gordon (Chairman)
Ed Close (CEO and Managing Director)
| industry = Insurance
| products = Health insurance
Travel insurance
Life insurance
| revenue = {{increase}} A$2.522 billion (2020)
| net_income = {{decrease}}A$90.1 million (2020)
| num_employees = 1,500
| homepage = {{url|http://www.nib.com.au/}}
}}
nib Group (nib, formerly Newcastle Industrial Benefits) is an Australian 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.[https://www.nib.com.au/about-us nib Health Funds Company History nib.com.au] As of 2017, nib held an 8.3% share of the Australian private health cover market.{{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}}
History
nib was established in 1952 to provide health insurance for workers at the BHP Newcastle Steelworks.
In 1995, nib was involved in a landmark court case after they rejected family health cover to a homosexual couple. While most health insurers at the time were choosing to recognise same-sex relationships, there had been no official ruling on the matter. The subsequent court case, Hope & Brown vs NIB, found that nib had violated the Anti-Discrimination Act 1977, setting a legal precedent that redefined 'family' to include same-sex couples and their children for the purposes of health insurance.{{Cite web|date=5 June 2015|title=It's Time for a Positive Change|url=https://www.newcastleherald.com.au/story/3126314/its-time-for-positive-change|access-date=8 September 2020|website=Newcastle Herald}} nib appealed the ruling, but their application was dismissed by the Supreme Court of New South Wales.
=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.{{Cite web |title=NIB Health Funds Limited ACN 000 124 381 No 3 [2007] FCA 1312 (23 July 2007) |url=https://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA/2007/1312.html |archive-url=http://web.archive.org/web/20221006071147/https://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/FCA/2007/1312.html |archive-date=2022-10-06 |access-date=2025-06-04 |website=www.austlii.edu.au |language=en}} Later that day, nib became the first private health insurance fund to list on the Australian Securities Exchange (ASX).[http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=NHF ASX nib holdings limited] {{Webarchive|url=https://archive.today/20130714085330/http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=NHF|date=2013-07-14}}{{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}}
=Diversification and expansion=
In 2010, nib expanded globally by acquiring IMAN International Pty Ltd, a provider of health cover for temporary migrant workers in Australia, for approximately $25 million.{{Cite web |title=IMAN announcement |url=https://www.nib.com.au/nib-news/content/archive/2010/07/ASX%20Announcement_nib%20acquires%20IMAN_050710.pdf |website=nib.com.au}} In 2012, it purchased New Zealand health insurer TOWER Medical Insurance, from Tower Insurance, for around NZ$102 million (A$80 million),{{Cite web |title=AFR article |url=http://www.afr.com/business |url-status=dead |archive-url=https://web.archive.org/web/20170414060322/http://www.afr.com/business |archive-date=14 April 2017 |website=afr.com.au |df=dmy-all}} making nib New Zealand the country's second-largest health insurer, covering about 160,000 people.{{Cite web |title=nib NZ |url=https://www.nib.com.au/nib-news/content/archive/2012/11/ASX%20Announcement_nib%20acquires%20TMIL%20NZ_021112.pdf |website=nib.com.au}}
In 2013, nib launched Whitecoat Health Service Directory,{{cite news |date=7 November 2013 |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}} a free online search and comparison platform often compared to TripAdvisor for healthcare.{{Cite web |date=28 July 2016 |title=Whitecoat |url=https://www.instantconsult.com.au/services/ |archive-url=https://archive.today/20150309231832/http://www.news.com.au/finance/money/new-website-whitecoat-lets-nib-users-compare-physiotherapists-dentists-and-chiropractors/story-fnagkbpv-1226755153664 |archive-date=2015-03-09 |website=news.com.au}} While popular with consumers, it has faced criticism from doctors and medical groups.{{cite web |date=May 26, 2011 |title=Doctors see red over whitecoat website |url=https://www.smh.com.au/national/doctors-see-red-over-whitecoat-website-20110526-1f63j.html |url-status=live |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 |work=The Sydney Morning Herald}}{{cite web |last=Dunlevy |first=Sue |date=July 28, 2016 |title=First TripAdvisor, then Uber now there's an online website to help you find the cheapest, best doctor |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 |url-status=live |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 |work=News.com.au}}{{Cite web |title=Launch of website to rate NZ doctors a 'serious concern', says medical union |url=https://www.tvnz.co.nz/one-news/new-zealand/launch-website-rate-nz-doctors-serious-concern-says-medical-union |url-status=live |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 |work=TVNZ |language=en-NZ}}
In 2014, nib entered a distribution alliance with Suncorp subsidiary Apia to sell private health insurance under the Apia brand.{{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}} Later that year, nib partnered with global medical insurer AXA PPP International in launching a global health cover pilot product in New Zealand.{{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}}
In 2016, nib acquired World Nomads Group, Australia's third-largest travel insurance distributor, for $95 million,{{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.}} rebranding it as nib Travel in 2019. The following year, it also acquired GU Health, a specialist corporate health insurer, for $155.5 million.{{Cite web |title=GU Health |url=https://www.nib.com.au/nib-news/media/2017/09/nib-to-acquire-specialist-corporate-private-health-insurer-gu-health |website=nib.com.au}}
In 2019, nib acquired QBE's travel insurance business, QBE Travel, as part of its World Nomads Group expansion.{{Cite web |title=NIB Completes Acquisition of QBE's Travel Insurance Business |url=https://news.ambest.com/newscontent.aspx?refnum=217098&altsrc=9 |access-date=2025-04-03 |website=A.M. Best}} nib also announced a partnership with Tasly, a Chinese pharmaceutical company.{{citation needed|date=November 2020}}
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 Auckland Blues, the Richmond Tigers Men's and Women's leagues{{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 | nib}}[https://www.nib.com.au/nib-news/media/2019/05/nib-becomes-first-major-partner-of-richmond-s-inaugural-aflw-team "nib becomes first major partner of Richmond's inaugural AFLW team] nib.com.au. {{Webarchive |url=https://web.archive.org/web/20191010235145/https://www.nib.com.au/nib-news/media/2019/05/nib-becomes-first-major-partner-of-richmond-s-inaugural-aflw-team |date=2019-10-10}} and the Newcastle Jets W-League.
Former rugby league footballer, Paul Harragon, has been an 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