Portfolio simplification: nib finalize sale of Travel

研报英文原文证据摘录

Portfolio simplification: nib finalize sale of Travel

Australia | Insurance

nib EquityJuneResearch9, 2026

TARGET | ESTIMATE CHANGEPortfolio simplification: nib finalize sale of

RATING HOLDTravel

PRICE AUD6.68^

nib will simplify the business with the conclusion of the strategic review of

AUD7.60 (AUD7.15) |

nib Travel and the sale of the Australian and New Zealand travel businesses PRICE TARGET | % TO PT +14%

to Allianz Partners for a price of up to A$50m. This will allow greater 52W HIGH-LOW AUD8.26 - AUD5.79

focus on nib's strategy to grow its core PHI businesses and focus on FLOAT (%) | ADV MM (USD) 99.6% | 4.54

those adjacent opportunities most relevant to members. PT A$7.60 (from MARKET CAP AUD3.2B | $2.3B

A$7.15). Retain Hold. TICKER NHF AU

^Prior trading day's closing price unless otherwise

nib has now sold its AU and NZ travel insurance business (excluding World Nomads) noted.

including partnerships, white label channel and Travel Insurance Direct. nib will receive up to A

$50m composed of A$30m upon completion and up to another A$20m over the following year, FY (Jun) CHANGE TO JEFe JEF vs CONS

subject to certain conditions. In addition, nib also enters a strategic partnership with Allianz 2026 2027 2026 2027

Partners for the multi year distribution of nib-branded travel insurance to nib’s customers

REV NA NM +2% +4%

generating additional commissions. In FY25, nib Travel generated OUP of A$6.7m, c3% of

EPS <1% +7% +10% -3%

Group UOP of A$239.2m. Sale of this business simplifies nib’s portfolio and will allow a greater

focus on health.

2026 (AUD) 1HalfA 2Half FY

We also reset our investment income assumptions to reflect the higher RBA cash rate and EPS 0.23 0.17 0.45

higher, steeper yield curve, positively impacting the return on defensive assets. PREV 0.16 0.44