Hi JCoure,
"surely it is a health insurance company"
I would agree, and my comments would apply to any such company in Australia.
As far as my comment on it being a financial services company, it makes its money by clipping tickets on premiums, investing the money it holds, maybe making an underwriting profit.
Looks like a duck, walks like a duck, sounds like a duck.
Health is seen as a defensive area, but just because people are going to get older and , presumably, sicker, doesn't necessarily translate into long term profit increases for this type of company. In fact, this may decrease any underwriting profit.
The close involvement of government probably means they wont go broke, but it also puts a lid on their potential for profit.
cheers
valuation is ridiculous..., page-36
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