Medibank Private Limited (ASX: MPL) has disclosed a director’s interest change notice for Chief Executive Officer David Koczkar. The Medibank Private director completed an off-market transfer of 535,832 ordinary shares from his direct holding to Olive Man Investments Pty Ltd on 23 December 2025. This director’s interest change maintains Koczkar’s total shareholding at 2,420,503 Medibank Private shares while restructuring ownership through an indirect vehicle.
The ASX announcement confirms the off-market transfer valued each Medibank Private share at AUD 4.76. Notably, David Koczkar’s performance rights portfolio remains unchanged at 2,275,601 rights under the Company’s incentive plans. This latest director’s interest change follows a previous Appendix 3Y released on 19 December 2025.
Detailed Breakdown of David Koczkar’s Share Transfer and Ownership Restructure
The Medibank Private director transferred his entire direct shareholding of 535,832 ordinary shares to Olive Man Investments Pty Ltd. Following completion, David Koczkar now holds all 2,420,503 Medibank Private shares indirectly through this investment entity. The transfer occurred outside trading hours at a fixed price of AUD 4.76 per share.
The restructure does not alter the total number of securities held by the Medibank Private director. Prior to the transfer, Koczkar held 535,832 shares directly and 1,884,671 shares indirectly. Post-transfer, the entire holding sits within the investment vehicle structure.
Performance Rights Portfolio Remains Unchanged Under Incentive Plans
David Koczkar maintains 2,275,601 performance rights under Medibank Private’s Performance Rights Plan. These comprise grants across multiple financial years. The FY24 Deferred Short Term Incentive accounts for 139,737 rights, while the FY24 Long Term Incentive represents 653,088 rights.
The FY25 allocations include 758,130 LTI performance rights and 132,180 Deferred STI rights. The most recent FY26 LTI grant contributed 592,466 performance rights. No acquisitions or disposals of performance rights occurred during this reporting period.
Medibank Private’s Recent Performance Context
Medibank Private reported strong FY25 results with underlying net profit after tax reaching AUD 618.7 million, up 8.5% year-on-year. The Company declared a fully franked FY25 dividend of 18.0 cents per share, representing an 8.4% increase. Resident policyholder growth contributed 27,900 net additions during the period.
Figure 2: Medibank Delivers Solid FY25 Earnings Growth Across Core Segments
The Health Insurance operating profit grew 7.1% to AUD 741.5 million for the period ended 30 June 2025. Medibank Health segment profit surged 27.0% to AUD 76.7 million. Net investment income improved 14.1% to AUD 207.8 million as of 30 June 2025.
Industry Outlook for Private Health Insurance
Australia’s private health insurance market demonstrates resilience despite economic headwinds. Industry policyholder growth reached approximately 2.3% for the 12 months to March 2025. Youth participation continues driving membership expansion, particularly among 25-30 year olds.
The sector manages approximately AUD 30 billion in annual premium revenue. Medibank Private maintains a 26.46% resident policyholder market share as of March 2025. Reform momentum builds as government-industry collaboration addresses affordability and sustainability challenges across the AUD 200 billion Australian healthcare system.
Medibank Private Share Price Performance
Medibank Private shares currently trade at AUD 4.780 per share. The Company commands a market capitalisation of AUD 13.13 billion. The 52-week trading range spans AUD 3.710 to AUD 5.310 per share, with the current price sitting near the lower end of this band.
Figure 3: Six-month daily share price performance of Medibank Private (ASX: MPL)
Regulatory Compliance and Disclosure
The Appendix 3Y filing satisfies ASX Listing Rule 3.19A.2 requirements. Company Secretary Mei Ramsay authorised the document’s release on 29 December 2025. The disclosure provides transparency into the director’s interest change involving the Medibank Private CEO’s evolving shareholding structure.
Medibank Private maintains rigorous governance standards around director dealings. The off-market transfer falls within permitted activities outside closed trading periods. No contracts or additional notifiable interests require disclosure under Part 2 of the Appendix 3Y framework.
FAQ
Q1. What shares did Medibank Private director David Koczkar transfer?
Ans. David Koczkar transferred 535,832 Medibank Private shares from his direct holding to Olive Man Investments Pty Ltd on 23 December 2025.
Q2. How many performance rights does the Medibank Private director hold?
Ans. David Koczkar holds 2,275,601 performance rights under Medibank Private’s Performance Rights Plan.
Q3. Why did David Koczkar restructure his Medibank Private shares?
Ans. The director’s interest change involves transferring shares to an investment vehicle, typically for wealth structuring or estate planning purposes.
Q4. How did Medibank Private perform in FY25?
Ans. Medibank Private delivered an underlying net profit after tax of AUD 618.7 million for the period ended 30 June 2025, up 8.5%. The Company declared an 18.0 cents per share fully franked dividend. Health Insurance operating profit grew 7.1% to AUD 741.5 million.
