This morning health insurance business Medibank Private Limited (ASX: MPL) posted a net profit of $449.5 million on premium revenue of $6.24 billion for the full year ending June 30, 2017.
The group will pay a final dividend of 6.75 cents per share to take the full year total to 12 cents per share plus the tax effective benefits of franking credits. The group posted premium revenue growth of 1.2%, although its operating profit fell marginally as costs rose in terms of customer benefits and IT investments.
The group also earned investment income over the year of $139.3 million and management forecast flat overall volumes due to declines in the participation rate.
The stock closed up 6.7% at $2.89.
