Medibank tabled a good trading update, today, at the Macquarie conference.
Policyholder (number of customers) continues to rise, lapse rates continue to fall, and premiums are tracking fractionally above wages (helps address affordability concerns).
Although MPL don’t mention it, the key is the rise in bond yields, which drive higher returns to float, and provide much of the additional operating leverage.
We remain happy holders in our direct equity portfolios.
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