What Medibank does

Medibank Private Limited (ASX: MPL) is Australia's largest private health insurer by membership, serving approximately 3.7 million policyholders from its Melbourne headquarters across more than four decades of operation. The company offers a multi-line insurance and care portfolio: tiered private health insurance (Hospital, Extras, and combined packages from Basic to Gold); Overseas Health Cover for international students, visitors, and working-visa holders; Travel Insurance; Pet Insurance (Pet Protect, Pet Plus, Pet Max) administered by PetSure with GapOnly on-the-spot claims and 24/7 Live Vet telehealth; and Life Insurance and Income Protection underwritten by Zurich Australia and distributed through NEOS Direct.

Underlying the products is a digital platform ecosystem built around the My Medibank iOS/Android app and members.medibank.com.au portal, the Live Better rewards and content platform powered by Engage People's Access Plus loyalty network, and the myPetPass rewards sub-brand integrated via the Pet Portal. Insurance distribution is multi-channel: medibank.com.au, OSHC dedicated portal, phone contact centers, retail stores, the corporate Work Your Perks program for employer-sponsored cover, and Amplar Health clinics that vertically integrate care delivery (telehealth, GP clinics, home hospital programs such as Rehab at Home, Chemo at Home, Dialysis at Home, and Palliative Care at Home).

The business model is overwhelmingly subscription recurring — monthly and annual premiums across health, travel, pet, and life lines, with annual premium inflation averaging 4.41% (April 2026) — supplemented by managed-services revenue from Amplar Health's contracts with public and private sector clients (telehealth, homecare, hospital-at-home) and by emerging therapy funding arrangements such as the Emyria MDMA-assisted PTSD program at approximately $30,000 per eligible patient. Customer concentration is intentionally diffuse across individuals, families, corporate employers, international students, and pet owners, with no anchor enterprise contracts.

Name

Medibank

Legal name

Medibank Private Limited

Website

https://medibank.com.au

Company type

Public

Founded year

1976

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Medibank Private Limited (ASX: MPL) is Australia's largest private health insurer, serving 3.7 million members with health, travel, pet, and life insurance products plus integrated care delivery through its Amplar Health subsidiary.

Ownership category

akta.pro rank

Headquarters

HQ city

Docklands

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Health Insurance Premiums: Recurring premium revenue from private health insurance policies including hospital cover, extras cover, and combined hospital and extras packages. Premiums are paid monthly, annually, or on multi-year terms with average increases of 4.41% implemented annually.
2. Overseas Health Cover: Revenue from overseas students (OSHC), visitors, and working visa holders requiring Australian health insurance, provided through medibankoshc.com.au.
3. Travel Insurance: Travel insurance products including international, domestic, and annual multi-trip policies, sold directly and through Travel Insurance Partners. Health members receive 15% discount.
4. Pet Insurance: Pet insurance policies for dogs and cats with coverage tiers (Pet Protect, Pet Plus, Pet Max), administered by PetSure. Includes GapOnly claiming, Live Vet telehealth, and myPetPass rewards.
5. Life and Income Protection Insurance: Life insurance, critical illness cover, TPD cover, child cover, and income protection products distributed through NEOS Direct and underwritten by Zurich Australia.
6. Amplar Health Services: Healthcare provider services including telehealth, GP clinics, virtual health, homecare, and hospital-at-home programs delivered through subsidiary Amplar Health, serving both public and private sector clients.
7. Specialized Therapy Funding: Funding agreements for emerging therapies such as MDMA-assisted PTSD treatments, with the Emyria partnership covering approximately $30,000 per patient for eligible members.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

Medibank Private Limited is Australia's largest private health insurer, providing private health insurance (Hospital, Extras, and combined cover with Basic to Gold tier levels), travel insurance, pet insurance for dogs and cats, life insurance and income protection, and overseas health cover for international students, visitors, and working visa holders. The company also delivers healthcare services through its Amplar Health subsidiary, including telehealth, GP clinics, homecare, and hospital-at-home programs, while offering digital platforms (My Medibank app) and the Live Better rewards program.

Product overview

Medibank operates as a diversified health and insurance company offering a portfolio of interconnected insurance and healthcare service products. The core offerings include private Health Insurance (Hospital, Extras, and combined packages), Travel Insurance, Pet Insurance (with Pet Protect, Pet Plus, and Pet Max tiers), and Life Insurance & Income Protection. Supporting the insurance products are digital platforms including My Medibank app/portal and the Live Better rewards and wellbeing platform. Healthcare delivery is provided through subsidiary Amplar Health, which offers Medibank at Home programs (hospital at home, rehab, chemo, dialysis), Health Concierge services, and GP clinic ownership. Pet insurance includes sub-brands like Extra Care add-on, GapOnly® claiming, 24/7 Live Vet, and myPetPass® rewards. The company serves approximately 3.7 million members across its various insurance products.

Differentiator

Problem solved

Functional benefit

Brands

• ahm: A budget health insurance brand operated by Medibank Private Limited offering affordable health cover options.

Products and services

• Medibank Health Insurance Core private health insurance product offering Hospital cover, Extras cover, and combined Hospital & Extras cover for singles, couples, families, and single parents. Includes tiered coverage from Basic to Gold, 100% back on dental check-ups twice yearly at Members' Choice Advantage dentists, 100% back on optical at recognized providers, Accident Cover Boost providing Gold-level benefits for accidents regardless of tier, and access to Members' Choice provider networks.
• Medibank Travel Insurance Travel insurance for domestic and international trips, including International Medical Only, Comprehensive, and Annual Multi-Trip plans. Products cover medical, cancellations, amendments, delays, and rental car excess. Health members receive 15% discount. Award-winning travel insurance (Mozo Experts Choice Awards 2022 and 2023, Mozo People's Choice Award 2024).
• Medibank Pet Insurance Pet insurance for dogs and cats offering up to 90% back on eligible vet bills. Product tiers include Pet Protect (entry-level, 70% back), Pet Plus (mid-tier, 80% back, no sub-limits on consultations, tick paralysis, cruciate ligament, or hip joint surgery), and Pet Max (premium, 90% back, up to $30,000 annual benefit limit). Includes Extra Care add-on, GapOnly claiming, 24/7 Live Vet telehealth, and myPetPass rewards program. Administered by PetSure. Awarded Canstar Outstanding Value Pet Insurance with Routine Care (2023-2025) and Mozo Experts Choice Award for Exceptional Quality Pet Insurance (2024-2025).
• Medibank Life Insurance & Income Protection
• Overseas Health Cover (OSHC/OVHC)
• Corporate Health Cover (Work Your Perks)
• Medibank Live Better
• My Medibank App
• Health Concierge
• Medibank at Home
• Amplar Health
• 24/7 Medibank Mental Health Support
• No Gap Joint Replacement Program
• Recover Boost

Quantifiable outcome

• 3.7 million members served
• +5 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Emyria (ASX:EMD)coreStrategic or Co-development Partner · 18 June 2025Medibank signed a 2-year agreement with Emyria to fully fund MDMA-assisted PTSD therapies for approximately 4 million eligible Medibank members at approximately $30,000 per patient, uncapped. This makes EMD the first company in the world to have an insurance company cover its psychedelic mental health treatments, validating Emyria's business model and providing a pathway to revenue.
• Engage PeoplecoreTechnology or IntegrationEngage People's loyalty network platform enables Medibank's Live Better rewards program, allowing members to earn and redeem reward points. The Access Plus network has facilitated redemption of more than 34 billion points. Medibank's Live Better program is powered by this platform, enabling consumers to use reward points as a payment method.
• PetSurecoreStrategic or Co-development PartnerPetSure administers Medibank Pet Insurance policies, providing claims processing, GapOnly technology, Live Vet telehealth services, and myPetPass rewards program. PetSure (Australia) Pty Ltd ABN 95 075 949 923, AFSL 420183 manages the pet insurance operations.
• Zurich AustraliacoreStrategic or Co-development PartnerZurich Australia Limited ABN 92 000 010 195 AFSL 232510 issues Medibank Life Insurance and Medibank Income Protection products. NEOS Direct distributes and services these products, promoted by Medibank as authorized representative.
• Travel Insurance PartnerscoreChannel Partner/ Reseller/ DistributorTravel Insurance Partners Pty Limited ABN 73 144 049 230 AFSL 360138 arranges Medibank travel insurance on behalf of the insurer Zurich Australian Insurance Limited. This partnership enables distribution of travel insurance products through Medibank channels.
• parkrun AustraliaminorGTM or Marketing PartnerMedibank is the official health and presenting partner of parkrun in Australia. This community partnership promotes health and physical activity while building brand awareness. Members can earn Live Better rewards points for participating in parkrun events.
• Members' Choice Healthcare ProviderscoreChannel Partner/ Reseller/ DistributorNetwork of dentists, optical providers, hospitals, and specialists who have agreements with Medibank to provide better value for members. Includes Members' Choice and Members' Choice Advantage tiers with different benefit levels.
• bp/Amoco (uChoose Rewards)minorGTM or Marketing PartnerMedibank's Live Better rewards program is mentioned alongside bp/Amoco's uChoose Rewards program as key partners of Engage People, both utilizing the Access Plus network for loyalty points redemption.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Bupa Australia: Bupa Australia is Medibank's largest direct competitor in Australian private health insurance, offering similar hospital and extras cover products to millions of Australians and competing head-to-head in the same PHI market segments.
• HCF (Hospitals Contribution Fund of Australia): HCF is one of Australia's largest not-for-profit private health insurers, offering comparable hospital and extras products to Medibank's core offerings in the same Australian market.
• nib Holdings: nib Holdings is an ASX-listed Australian private health insurer offering similar hospital and extras products to Medibank, with direct overlap in Australian PHI market positioning and target segments.
• Teachers Health Fund: Teachers Health Fund is one of Australia's larger private health insurers serving educators and the broader public, competing directly with Medibank in core PHI products.
• GMHBA: GMHBA is a regional Australian private health insurer with comparable hospital and extras products, increasingly expanding nationally in competition with Medibank.

Broad incumbents

• Bupa (Global): Bupa's global operations include health insurance across multiple geographies and health services delivery (Bupa Dental, optical, care homes), making it a broader incumbent comparable to Medibank's diversified insurance and Amplar Health strategy.
• UnitedHealth Group: UnitedHealth Group is the largest US health insurer with vertically integrated Optum care delivery services, providing a benchmark for Medibank's insurance-plus-Amplar Health integrated model.
• Cigna Group: Cigna is a global health services company offering health, dental, and supplemental benefits alongside insurance products, broadly comparable to Medibank's diversified health and life insurance portfolio.
• CVS Health (Aetna): CVS Health operates the Aetna health insurance business alongside retail pharmacy and care delivery assets (MinuteClinic, Oak Street Health), comparable to Medibank's integrated insurance-and-care-delivery strategy.

Regional players

• AIA Group: AIA Group is the largest Asia-Pacific life and health insurer, comparable to Medibank's life insurance and overall health insurance operations, with overlap across the APAC region.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/medibank
• Facebookfacebook.com/medibank
• LinkedInlinkedin.com/company/10854

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medibank