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BULLETIN: Medibank Private Ltd. Returns to Profitability Sep 03
Standard & Poors, Sep 2003
Abstract
MELBOURNE (Standard & Poor's) Sept. 25, 2003--Standard & Poor's Ratings Services said today that Medibank Private Ltd.'s (Medibank) reported operating surplus for the full-year ended June 30, 2003 of A$10.4 million was broadly in line with Standard & Poor's expectations of a return to modest profitability, and consistent with its 'BBB+' insurer financial strength and counterparty credit ratings. Medibank's operating surplus was the result of substantial product and pricing changes implemented after June 2002, following the large loss of A$175.5 million reported in 2002. A change in its investment portfolio mix, away from equities to fixed interest and cash, supported higher earnings and the improved bottom-line operating surplus. The reported operating surplus will also help to rebuild depleted reserves. Medibank...
Companies mentioned in this report are: Medibank Private Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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