Nib Health Funds - History

History

The health fund was established in 1952 by workers at the BHP Steelworks in Newcastle, NSW and was originally known as Newcastle Industrial Benefits Hospital Fund.

In the 1970s, NIB merged with South Coast Medical Fund and the Hunter Medical Benefits Fund boosting its membership by more than 18,000. The fund officially changed its name to NIB Health Funds Limited in 1977 as it expanded its cover to all Australians. Its first Sydney branch was opened a few years later, while interstate operations began in Queensland, Victoria, South Australia and ACT in 1993.

In 1986, the first NIB eye care centre was established in Newcastle, followed by NIB dental care centres across NSW and Victoria. These operations are now controlled by Pacific Optical Group and Pacific Smiles Group, both Hunter-based companies.

NIB became the first private health insurance fund to become publicly listed on the Australian Securities Exchange (ASX). in 2007.

In 2010, NIB entered into the International Workers and International Students’ businesses as it continued to expand its current portfolio of health, life and travel insurance cover.

In October 2010 NIB made a $140 million takeover offer for Geelong, Victoria based mutual health insurer GMHBA Limited, however the board of GMHBA rejected the offer. nib continues to look for opportunities for consolidation within the industry.

In financial year 2011, the health fund reached $1 billion in premium revenue for the first time, with pre-tax underwriting profit up 31% to $61.5 million.

NIB currently employs almost 600 people who work out of its head office at Newcastle and 20 retail centres across Australia. While retaining its roots in the Hunter, the health fund continues to expand its operations, opening its first retail centre in Perth in May 2011.