We are pleased to welcome Alvin Soh to nib as our new Chief Financial Officer (CFO).
Soh joins the team following last year’s departure of CFO, Nick Cory, after 10 years with nib. Prior to Soh’s appointment, Gina Esdaile, Senior Manager Financial Reporting, held the role as Acting CFO.
Soh is a chartered accountant and joins nib with 20 years of commercial experience in leadership roles. He was previously the CFO at Shuttlerock Ltd, and held CFO roles at Online Republic Group Ltd and Flight Centre (NZ) Ltd.
nib Chief Executive Officer, Rob Hennin said, “Alvin is an accomplished CFO with a wealth of knowledge in financial management and excellent leadership experience. We have delivered solid results for FY23 and look forward to continued growth under Alvin’s guidance and leadership.”
Soh expressed he was looking forward to a new challenge and joining the insurance sector.
“nib has had strong financial growth while continuing to deliver value to its members and I’m excited to be part of that journey going forward. It’s exciting to join a new industry and I look forward to the opportunities ahead.” said Soh.
Soh's appointment comes at an opportune time as we are pleased to share that earlier this month, nib announced that S&P Global Ratings has upgraded the credit ratings on its private health and life and living insurance businesses from ‘A-’ to ‘A’, which it said reflected the financial strength and stable outlook for nib NZ’s operations.
“The credit rating upgrade underscores the strong financial foundations and the positive long-term outlook of the nib NZ business.” said nib New Zealand Chief Executive, Rob Hennin.
“We are pleased that S&P has recognised nib NZ’s financial resilience and growing market share in New Zealand.”
S&P said the rationale behind upgrading nib NZ’s credit ratings included its growing market share of the private health insurance market and its expectation that rebranding the living and life insurance business will strengthen awareness of the nib brand.
S&P said the raised credit rating also reflected nib NZ’s excellent capital adequacy and earnings resilience.
We look forward to sharing our 1H24 financial results with you in the near future.