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Relationships for Life Ask [email protected] Our Purpose: to Ensure Our Members Are Clearly Better Off with Medibank Private

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Relationships for Life Ask Us@Medibank.Com.Au Our Purpose: to Ensure Our Members Are Clearly Better Off with Medibank Private Medibank Private Annual Report 2007 Report Annual Private Medibank Medibank Private Annual Report 2007 Contact us 132 331 Relationships for life [email protected] www.medibank.com.au Our purpose: To ensure our members are clearly better off with Medibank Private. Our vision: To be Australia’s leading private health insurer. At Medibank Private, we strive to achieve much more than fi nancial success and market leadership. Our purpose is to ensure our members are clearly better off having chosen to be with Medibank Private. Better off from a health and wellbeing perspective, and better off fi nancially through receiving superior value for the cost of their cover. At Medibank Private, we see our retail network as a signifi cant investment and asset in delivering customer service to our members, no matter which state they live in. Contents 4 Performance Highlights Retail Sites 6 Chairman’s Report 8 Managing Director’s Report 10 Board of Directors New South Victoria Queensland Western Tasmania Wales Australia 12 Our Management Team 13 Our Results 16 Our Business Highlights Albury Airport West Brisbane Booragoon Glenorchy 23 Our Members Armidale Ballarat Broadbeach Cannington Hobart 26 Our People Bankstown Bendigo Browns Plains Fremantle Launceston 28 Our Sustainability Report Blacktown Box Hill Bundaberg West Innaloo Rosny 30 Our Future Bondi Junction Broadmeadows Cairns Joondalup Broken Hill Camberwell Capalaba Karrinyup 31 Financial Report Australian Brookvale Chadstone Carindale Mandurah Including the Corporate Capital Territory Burwood Cheltenham Chermside Governance Statement, Midland Campbelltown Dandenong Elanora Morley Directors’ Report and Castle Hill Doncaster Gladstone Perth Belconnen Financial Statements Charlestown Elsternwick Helensvale Whitford Civic Chatswood Epping Indooroopilly Woden Coffs Harbour Fountain Gate Ipswich Dubbo Frankston Kippa-Ring South Australia Northern Erina Galleria Loganholme Territory Haymarket Melbourne Mackay Hornsby Geelong Maroochydore Adelaide Casuarina About Medibank Private Hurstville Glen Waverley Mitchelton Elizabeth Medibank Private is Australia’s largest and only national private Medibank Private was established in 1976, operating as the Lismore Greensborough Rockhampton Marion health insurer, with over three million members and almost commercial arm of the then Health Insurance Commission (HIC). Liverpool Maribyrnong Southport Modbury 30% of the private health insurance market, with signifi cant In 1998, Medibank Private separated from the HIC and became Martin Place Prahran Toowoomba Unley West Lakes membership in every state and territory. Medibank Private an independent, Australian Government owned Government Miranda Preston Townsville provides private health cover for hospital, ancillary and Business Enterprise (GBE) and is not dependent on Government North Ryde QV Melbourne Upper Mt Gravatt North Sydney Ringwood ambulance services, and its Members’ Choice Network of funding. Medibank Private’s shareholder is the Minister for Finance and Administration. Orange Shepparton health care providers extends across Australia. Medibank Pagewood Traralgon Private offers health insurance to all Australians, as well Medibank Private’s principal activity is to operate as a private health (Eastgardens) Wantirna South as catering for overseas students and visitors. Services are insurer in accordance with the Private Health Insurance Act 2007. Parramatta Warrnambool provided through an Australia-wide distribution network Following the completion of a scoping study in 2005, the Penrith Watergardens consisting of over 100 retail outlets, plus agents, a national Australian Government announced, in September 2006, its Tamworth Werribee network of customer care call centres and online member intention to sell Medibank Private via an ASX sharemarket fl oat Tuggerah services at www.medibank.com.au. in 2008 if re-elected. Wagga Wagga Wollongong Life is about Relationships. From the families we are born to, the new families we create, and the friends we meet along the way – our most enduring relationships are dependable, adaptable, honest and sustainable. At Medibank Private, we’re about Relationships, too. Relationships with our employees and our members have been fundamental to our past, our present and will be for our future. Every day, in every way, we’re building relationships that stand the test of time. today, tomorrow…for life. 2006/07 Facts at a glance Premium revenue Profi t Return on equity $3,079 million $295.2 million 29.6% Underwriting profi t Member benefi ts after expenses Investment and other income $2,649 million $145.1 million $142·6 million Performance highlights 300 200 Profit * Underwriting 250 295.2 profit/loss Up 47.5% 150 Up 14.8% * 200 * * 145.1 100 126.4 150 200.1 * * 50 A fifth consecutive year of 100 For the third consecutive year, 67.4 profit growth gives us a stable 130.7 a strong underwriting profit operating platform to drive has been recorded. 0 50 strong, sustainable profitability. Underwriting profit/loss is after -4.5 expenses but before impairments -35.4 10.4 44.8 Values in $m 0 Values in $m -50 02/03 03/04 04/05 05/06 06/07 02/03 03/04 04/05 05/06 06/07 3,500 80,000 Premium revenue Net resident 3,000 Up 8.6% membership growth 60,000 2,500 3,079* Up 149% 59,676 2,835* 40,000 2,000 2,598* 2,414 2,225 20,000 1,500 23,965 Medibank Private’s premium 2006/07 saw us achieve our 0 revenue remains strong 1,000 highest net resident membership in excess of $3 billion for growth in five years. -22,558 -20,000 -30,634 the first time. 500 -6,807 Values in number of Values in $m 0 resident memberships -40,000 02/03 03/04 04/05 05/06 06/07 02/03 03/04 04/05 05/06 06/07 800 3,000 * * * Hospital episodes Member benefits 2,649 700 742 2,500 2,452 2,323 703 Up 5.5% Up to 2,215 600 672 2,051 2,000 500 $2.65 billion 552 534 400 1,500 300 Number of hospital episodes A record amount was paid 1,000 paid for grew by 5.5% 200 for claims expenses this year. to 741,829. Claims expense excludes 500 100 the impact of risk equalisation Values in number of hospital episodes ’000 0 Values in $m 0 02/03 03/04 04/05 05/06 06/07 Hospital Ancillary Overseas 02/03 03/04 04/05 05/06 06/07 * Australian International Financial Reporting Standards (AIFRS) compliant 4 Medibank Private Annual Report 2007 People covered Contracted private hospitals Hospital episodes 3.1 million 449 741,829 Market share Contracted ancillary providers Ancillary services 28.75% 4,508 15,868,647 160 1,200 Investment return Net assets growth * 140 * 1,000 114 3 Up 42.6% 120 Up 34.8% 139.7 800 * 100 848 * * 80 97.9 600 652 60 * Strong returns on investment Our financial strength and 400 68.1 have been achieved through a stability continues to grow. 438 40 393 49.3 balanced investment strategy. 45.8 200 20 Investment return excludes other income Values in $m 0 Values in $m 0 02/03 03/04 04/05 05/06 06/07 02/03 03/04 04/05 05/06 06/07 140,000 10 New to fund Average premium membership by age 120,000 rate increases 8 8.9% 128,958 Up 33.4% 100,000 96,660 Contained 7.9% 6 80,000 73,789 to 4.9% 73,307 5.9% 62,224 60,000 4 4.9% We achieved our highest new Medibank Private strives 4.9% to fund resident membership 40,000 to contain increase in growth from younger members membership premiums. 2 in five years in 2006/07. 20,000 Values in number of resident memberships 0 Values in % 0 02/03 03/04 04/05 05/06 06/07 <35 35–49 50–64 >65 02/03 03/04 04/05 05/06 06/07 9 12 Claims expense 8 Management expenses growth 10 8.0% 7 8.0% Decreased 10.4% Up 8.0% 9.6% 6 8 9.3% to 9.6% 9.2% 8.7% 5 of premium revenue 5.5% 6 4 5.2% 4.9% Benefits paid on behalf of 3 Medibank Private continues 4 members continues to grow. to exert prudent control 2 over management expenses. Claims expense excludes the 2 impact of risk equalisation 1 Values in % 0 Values in % 0 02/03 03/04 04/05 05/06 06/07 02/03 03/04 04/05 05/06 06/07 * Australian International Financial Reporting Standards (AIFRS) compliant 5 Annual Report 2007 Medibank Private Building our relationship with our members underpins everything we do at Medibank Private. We want to be an active partner in our members’ health and continuously improve our service and products to meet their needs at all life stages. We want a healthy and lifetime relationship with our members where the company balances providing value to members with making a responsible return. We want to ensure our members are better off with us. Chairman’s Report It has been both a pleasure and a privilege to have accepted Medibank Private has not only met our obligation to the appointment of Chairman this year. It has been exciting provide for a sustainable future, we have also improved to join one of Australia’s most signifi cant health care product value and service to members. organisations, particularly at a time of such impressive A shifting landscape performance. Customer value, strong business performance and governance have built a solid foundation for the future The Australian health system is one of the nation’s most of Medibank Private. This obviously speaks well of the important assets. The Medibank Private team is deeply excellent stewardship of former Chairman Peter Kirby, conscious of the role we play in underpinning the benefi ts management of the company and the hard work of all our of the public and private partnership upon which the employees.
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