Loading…
Australia's largest private health insurer, selling hospital and extras cover under the Medibank and ahm brands.
Australia's largest private health insurer, selling hospital and extras cover under the Medibank and ahm brands.
Collects premiums from members and pays hospitals, doctors and ancillary providers for their treatment, so profit depends on claims running below premiums plus investment income on reserves. Premium increases need federal government approval each year, and cover is community-rated, meaning insurers cannot charge more because a member is sicker.
In one line: Australia's UnitedHealth (insurance segment).
Moat: narrow (brand, scale, distribution). Largest scale in a government-regulated, community-rated health insurance market.
Headquarters: Melbourne, Australia · Founded: 1976 · Employees: 5,001
Size Medibank Private (MPL.AX) is an Australia Financials company (Life/Health Insurance) with a market value of $9.94B, the 35th largest of 316 Australia companies the cockpit tracks. Shares closed at A$5.21 on 6 Nov 2026.
Performance Over six months the shares gained 14.2%, against +9.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 9.3% over the last twelve months (peer median +17.7%); the operating margin is 10.3% (peer median 8.2%).
Valuation It trades at 5.90× book value against a peer median of 2.34× (5th most expensive of 20).
Price implies The share price implies a return on equity of about 23.8%; Medibank Private delivers 26.8%, so the price asks less than the business earns today.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$9.33B | A$9.33B | A$8.53B | A$8.02B | A$7.36B |
| Revenue growth | — | +9% | +6% | +9% | — |
| Net income | A$639M | A$639M | A$501M | A$492M | A$309M |
| Free cash flow | A$603M | A$603M | A$503M | A$981M | A$250M |
| Capital expenditure | A$91.1M | A$91.1M | A$69.8M | A$57.6M | A$41.9M |
| Total debt | n/a | A$274M | A$209M | A$218M | A$55.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Medibank Private MPL.AX | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% |
| NIB NHF.AX | $2.29B | +4% | +5% | 17% | 2.90× | 13.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MPL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.0% | +2.1% | 2nd highest of 21 |
| 6-month return | +14.2% | +9.5% | 10th highest of 21 |
| Return on equity | 26.8% | 11.7% | 3rd highest of 21 |
| Price / book | 5.90× | 2.34× | 5th most expensive of 20 |
| Trailing P/E | 22.5× | 11.7× | 6th most expensive of 20 |
| ROE the price implies | 23.8% | 16.5% | 8th most demanding of 19 |
| ROE delivered | 26.8% | 11.7% | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Medibank Private MPL.AX | Australia | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% | 26.8% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| JAPAN POST INSURANCE 7181.T | Japan | $11.2B | +8% | -6% | 4% | 0.38× | 2.9% | 4.2% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| St. James's Place STJ.L | United Kingdom | $7.48B | -3% | +164% | 38% | 3.64× | 43.3% | 38.4% |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| ICICI Life Insurance ICICILIFE.NS | India | $6.77B | -22% | -8% | 13% | 4.67× | 65.0% | 12.6% |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| Challenger CGF.AX | Australia | $5.59B | +36% | -25% | 13% | 2.01× | 15.8% | 13.3% |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| E-L Financial ELF.TO | Canada | $4.74B | +10% | +32% | 20% | 0.68× | 6.4% | 20.2% |
| Max Financial Services MFSL.NS | India | $4.68B | -25% | +18% | 3% | 7.71× | 78.7% | 3.3% |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| Star Health & Allied Insurance STARHEALTH.NS | India | $3.52B | +9% | +21% | 12% | 3.19× | 47.7% | 11.7% |
| Samsung Life 032830.KS | South Korea | $31.0B | -6% | +13% | 3% | 0.29× | 4.5% | 3.2% |