NIB HOLDINGS LIMITED (NHF)
Share Price Analysis and Chart

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15/09/2026

3

Neutral

$6.60

1.85%

Macquarie finds competition remains elevated across Australian private health insurance, with 23 of 34 brands offering promotions outside the peak switching period.

Medibank Private has maintained generous direct-channel offers, the broker observes, while nib Holdings has reduced the number of free weeks offered.

Commentary adds the Department of Health is examining whether 'weeks free' promotions and loyalty programs are being treated consistently under the 12% promotional cap.

Macquarie expects sustained promotional and comparison-platform activity to pressure customer acquisition costs and retention during FY27.

The broker prefers Medibank's diversified earnings and retains Outperform, while maintaining Neutral on nib due to risk-equalisation and retention uncertainty.

For nib Holdings: Unchanged $6.60 target.

FORECAST
Macquarie forecasts a full year FY27 dividend of 33.00 cents and EPS of 43.40 cents.
Macquarie forecasts a full year FY28 dividend of 36.00 cents and EPS of 48.00 cents.

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25/08/2026

2

Overweight

$7.70

18.83%

Jarden maintains its Overweight recommendation for nib Holdings with an unchanged target price of $7.70 following a FY26 financial result featuring an underlying operating profit of $260.9m, which met expectations while reported net profit after tax reached $184.7m, driven by stronger investment income.

Underlying operating profit for the core Australian residents health insurance business fell -10% to $187.9m due to weaker-than-expected policyholder growth of 1.9% and a net margin deterioration to 6.2%.

Management declared a final dividend alongside an additional special dividend of 5.0c, signalling intentions for further capital management options following proceeds from nib Travel.

Guidance for FY27 group underlying operating profit was established at $265m to $285m, sitting slightly below market consensus at the midpoint.

The analyst notes that while short-term pressures on Australian residents health insurance gross margins and soft FY27 guidance may weigh on near-term trading, the stock remains well-supported by ongoing capital returns.