It was announced this week that nib’s New Zealand business had achieved net policyholder growth of 3.3% in the second half of last year.

It posted an operating profit of $1.3 million, up from $0.5 million in the same period a year earlier.

Its premium revenue was $72.9 million for the six months, up 8.1% on the same period in 2013.

Direct sales were introduced by nib last year and Rob Hennin said sales had grown month-on-month every month since.

The six-monthly result was affected by a Premium Payback portfolio. Hennin said it was a legacy product that paid out policy-holders the difference between the premiums they had paid and the claims made when the policy term ended.

“It was a very interesting product when it launched. We inherited the product with the purchase of the business,” he said. “It’s an old-fashioned product.  It’s one where neither the adviser nor the customer is as thrilled with the product today as they were a decade ago."

The company bought TOWER’s health insurance business in New Zealand.

Hennin said nib had been consulting with advisers to find a more modern product to meet their needs.  “We’ll offer migration pathways to customers to ensure a better outcome.”

He said he could not give details yet on the growth in the adviser business – advisers distribute nib’s Ultimate Health range. “But at the year-end I will be able to and it’s significant growth, substantial. That’s because we have a best-in-class product.”

Nib has made waves with its direct products but Hennin said the company was taking a multi-pronged approach to grow the category, rather than targeting a particular type of product.

“We’re committed to being a leading player in the adviser market.”

HFANZ has reported a lift in insurance coverage in 20- to 40-year-olds, which it attributed to growth in products such as nib’s everyday policies, covering things such as GP visits.

Hennin said the company was “leading the charge” bringing young people into the market but said there were opportunities for advisers in that demographic, too.

“There are lots of very seasoned, talent advisers and if they use not just their network but the tools available to them, websites, mobile apps, for lead generation they can access the younger pool as well as we can.”