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Medibank Private Limited (MPL) – Annual Report and Notice of Annual General Meeting Documents

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Medibank Private Limited (MPL) – Annual Report and Notice of Annual General Meeting Documents 10 September 2020 Medibank Private Limited (MPL) – Annual Report and Notice of Annual General Meeting documents In accordance with the Listing Rules, Medibank releases the following documents to the market: (a) Annual Report 2020; (b) Appendix 4G - Key to Disclosures - Corporate Governance Council Principles and Recommendations; (c) Notice of Annual General Meeting 2020; and (d) Proxy Form 2020. These documents have been authorised for release by the Board. sig to come Mei Ramsay Company Secretary Medibank Private Limited ABN 47 080 890 259 GPO Box 9999 <in your capital city> Telephone 132 331 medibank.com.au no overlap of red spine allowed for fold crease spine set up as 8 mm Annual Report 2020 redefining better Medibank Private Limited ABN 47 080 890 259 Contents About Medibank 1 Financial summary 2 Business snapshot 3 Chairman’s message 4 CEO’s message 5 Creating value for our stakeholders 6 COVID-19 support 7 Better products and services 8 Better healthcare 12 Better business 16 Our sustainability highlights 20 Operating and financial review 22 Directors 30 Executive leadership team 33 Corporate governance statement 35 Directors’ report 45 Remuneration report 48 Financial report 73 Consolidated statement of comprehensive income 74 Consolidated statement of financial position 75 Consolidated statement of changes in equity 76 Consolidated statement of cash flows 77 Notes to the consolidated financial statements 78 Directors’ declaration 121 Auditor’s independence declaration 122 Independent auditor’s report 123 Shareholder information 131 Financial calendar 133 Corporate directory 133 Sustainability Report 2020 for a better future This report is part of our suite of reporting for the 2020 financial year. You can find more Annual Report 2020 information about our redefining better performance in our Full Year Results 2020 full year results Investor Presentation Investor presentation Medibank Private Limited Craig Drummond – Chief Executive Officer | Mark Rogers – Chief Financial OfficerABN 47 080 890 259 20 February 2020 & Sustainability Report Cover – In FY20, we expanded extras cover so customers could claim for virtual consultations for services including physiotherapy about Medibank We’re a company with health and wellbeing at our core. We began as a health insurer and have grown into a broader healthcare company, committed to delivering affordable healthcare that gives our customers more choice. We’re delivering care in new ways by collaborating with hospitals, doctors and governments and driving reform to help reshape Australia’s health system. We also offer travel, pet and life insurance to meet a wider range of our customers’ needs. Our purpose of Better Health for Better Lives is not just words. It’s our commitment to our customers and community and is a driving force for our people. We’re focused on our strategy of differentiating and growing our private health insurance business through our Medibank and ahm brands and transforming into a broader healthcare company. Enablers Better Health Purpose People for Better Lives Data insights Technology Vision Everyone in Australia deserves to live their best quality of life – for themselves, their communities and future generations Deliver differentiated Continue to improve Expand the offering Strategic products and services healthcare value for customers and pillars for customers for customers grow the business Values Customers First Own It, Do It Show Heart One Team Health insurance Diversified insurance Health services Travel insurance Homecare Our Health, Support, Value business Telehealth and digital Pet insurance Integrated care Simple, Easy, Affordable Life insurance and coordination Annual Report 2020 1 financial summary All data is presented on a statutory basis % + 10,600 (+0.6%) 26.94 c. $20 million net resident market share in productivity savings policyholder growth (up 4 basis points in FY20) Dividend Group net profit after tax Composition of 2020 segment ($m) operating profit from continuing operations (%) cents -0.6 2020 $315.6m $315.0m Medibank per share Health 6.3 2019 $437.7m $458.7m 5.6% final ordinary dividend 2018 $424.2m fully franked $445.1m 2017 $449.5m Health Insurance cents 2016 $417.6m per share 94.4% 12.0 0 100 200 300 400 500 total ordinary dividend fully franked continuing operations discontinued operations Health Insurance operating profit ($m) FY20 total includes loss from discontinued operations 2016 $510.7m 2017 $497.5m 2018 $535.6m 2019 $542.5m 2020 $470.6m Health Insurance segment Health Insurance net claims expense Health Insurance premium revenue (excluding risk equalisation) operating profit ($m) ($m) ($m) 2020 $6,545.6m 2020 $5,539.5m 2020 $470.6m 2019 $6,464.7m 2019 $5,404.6m 2019 $542.5m 2018 $6,319.5m 2018 $5,281.1m 2018 $535.6m 2017 $6,244.9m 2017 $5,276.9m 2017 $497.5m 2016 $6,172.5m 2016 $5,209.3m 2016 $510.7m 0 2,000 4,000 6,000 8,000 0 1000 2000 3000 4000 5000 6000 0 100 200 300 400 500 600 Health Insurance Health Insurance Health Insurance gross margin management expense ratio operating margin (%) (%) (%) 2020 15.5% 2020 8.3% 2020 7.2% 2019 17.1% 2019 8.7% 2019 8.4% 2018 17.3% 2018 8.8% 2018 8.5% 2017 17.1% 2017 9.1% 2017 8.0% 2016 16.6% 2016 8.4% 2016 8.3% 0 5 10 15 20 0 2 4 6 8 10 0 2 4 6 8 10 2 Medibank business snapshot 3.76 million customers at 30 June 2020 customer advocacy 31.8 (+7.0) Medibank % 91% 84 in April 41.2 (+2.7) ahm employee average Service NPS engagement benefits payable $ 5.5 billion (up 2.5%) to our customers Services supported 1.3 million 22.7million 500,000 hospital extras surgical admissions services procedures 259 8 ,620 virtual patients received hospital beds in-home care 2020 7.2% 2019 8.4% including around 2018 8.5% 3,982 1,500 2017 8.0% employees health professionals 2016 8.3% Headcount at 30 June 2020 0 2 4 6 8 10 Annual Report 2020 3 chairman’s message Elizabeth Alexander AO Our strategy has been the right one to guide a disability by introducing a formal process for major the company through a year that has presented suppliers and partners was recognised. In setting the country with significant health and objectives for 2021 we have introduced a new focus economic challenges. Against this backdrop, on supporting employees with caring responsibilities, we have delivered a sound result. in addition to those on gender equality and employee diversity. By doing so, our business will be stronger. The strength of Australia’s world-class health system has come to the fore in response to the global I have shared the story of Medibank’s transformation COVID-19 crisis. I am proud of the way we responded many times since joining the Board in 2008, and quickly to the needs of our customers and community, my appointment to Chairman five years later. In while ensuring the health and safety of our people. preparation for Medibank’s listing on the Australian Securities Exchange, I invited the community to Despite these challenges, we made good progress on become part of our company and its future. Since then, our transition to a broader healthcare company. And by our focus on our customers has not wavered, nor has working to deliver better outcomes for our customers our commitment to our purpose of Better Health for we have been able to deliver for you, our shareholders, Better Lives. paying a fully franked full year ordinary dividend of 12.0 cents per share. This is consistent with the Over this time, we have transformed our relationship prudent approach the Board follows in regard to with customers and brought a greater focus on playing our capital management and positions us well to a role in their health and wellbeing. We have driven respond to the current environment. stronger customer advocacy each year and advocated for healthcare reform to improve affordability. I am We are increasingly focused on the impact our pleased to see Medibank’s impact on helping to business practices have on our broader community make Australia’s health system stronger and a more and have elevated the importance of sustainability sustainable one for future generations. throughout the business this year. We spoke with shareholder groups, customers, community partners In announcing my retirement from the Board recently, and our people to better understand the issues that I want to express the honour I feel to have served you matter, and these now form the basis of our new over the past 12 years. Thank you to my fellow Board approach, outlined in our first Sustainability Report members, Craig Drummond and the entire Executive which is available on our website. Leadership Team for their stewardship of the company. They lead a committed team of people who We have continued working towards greater diversity strongly believe in Medibank’s purpose and who have and building a more inclusive culture, so that we better helped make it the market leader it is today. I wish new reflect the community we serve. This year Medibank Chairman Mike Wilkins and the Board all the best – I ranked third in the 2019 Access and Inclusion Index, leave the company in good stead and look forward to where our work to improve accessibility for people with what Medibank will continue to achieve in the future. 4 Medibank ceo’s message Craig Drummond From bushfires to a global pandemic, 2020 education, promotion and support to further embed has been an enormously challenging year health and wellbeing in our customers’ experience. for everyone. Through this time, I am proud Over the past 12 months we also made good progress of how we have responded and managed on our strategy to transform into a broader healthcare the issues within our control.
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