2348 GMT - Nib's FY 2024 result disappointed Citi analysts with industry claims for its core Australian Residents Health Insurance unit, as well as weakness in other divisions. Overall, the Australian health insurer's underlying operating profit was A$257.5 million, well behind Citi's forecast of A$291 million, it says and also 5% behind Visible Alpha consensus of A$271 million. Citi reckons its stock should track down on the back of the weak FY 2024 result, with this likely to prompt consensus downgrades. "Accordingly, we remove our short term positive call on the stock," Citi says.
Ann: 2024 Full Year Results Announcement, page-21
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