Ann: FY20 Half Year Results ASX Announcement, page-20

" It's an economic axiom: Nothing can increase faster than the rate of the system forever. " Piketty seems to disagree, which I guess is great for the people lucky enough to have investment money ;-)

I guess any business that operates in a highly government regulated environment is always going to be at the mercy of some policy change. The thing is if the government make it impossible for the private health industry to survive they will have to replace it by taxing people more and that wont win the next election.
My very broad, and simplistic view is that NIB have performed well over the years, relative to other Australian health or general insurance companies they have probably outperformed by a long way. I am hoping they can, over the years, continue to navigate the various regulatory changes and do the same.