Medibank's first full year profits have beaten its prospectus forecasts

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Medibank Private posted a full year net profit of $291.8 million, beating its own prospectus forecast of $258.2 million.

The health insurance group declared an inaugural dividend of 5.3 cents a share, also ahead of a 4.9 cent forecast.

Health Insurance operating profit was 33.8% better at 329.3 million. Premium revenue was up 5.1% to $5.934 billion, which was below prospectus forecast.

And the share price has been under-performing. Medibank yesterday closed at $2.01. At the IPO, retail investors paid $2 a share and institutions $2.15.

The company is forecasting health insurance operating profit above $370 million in 2016.

The results in detail:

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