Medibank Private Loses Department of Defence Contract. FVE Cut 5% to AUD 2.95
Narrow-moat private health insurer, Medibank Private surprised with disappointing news its lucrative contract providing health services to the Australian Department of Defence will not be renewed when the current contract expires June 30, 2019. Medibank provided the service to the Government via its Medibank Health division. The Defence Department contract contributed approximately AUD 30 million in pretax operating profit in fiscal 2018, representing 5% of group operating profit. We have stripp...Medibank Private is a private health insurer. Co.'s main business is Health Insurance, whereby it underwrites and distributes private health insurance policies under two brands, Medibank and ahm. Co. has two segments, Health Insurance, which provides private health insurance products including hospital cover and extras cover, as stand-alone products or packaged products that combine the two and also provides health insurance products to overseas visitors and students; and Complementary Services, which include activities such as contracting with government and corporate customers to provide health management services, as well as providing telehealth services in Australia and New Zealand.
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