Nib Holdings’ incoming CEO and MD Ed Close will take the reins on December 1, replacing Mark Fitzgibbon, who is retiring after leading the business for more than 22 years.

The listed travel and private health insurer announced the changes in July.

Mr Close is currently chief executive of Nib’s core Australian residents health insurance business, overseeing product development, claims and customer services.

Nib made an underlying operating profit of $257.5 million last financial year, an increase of 77.3% under new accounting standard AASB17.

The travel, international students and workers, and National Disability Insurance Scheme business and New Zealand operations together contributed about 26% of underlying operating profit.

Nib Travel reported an underlying operating profit of $8.1 million, down from $14 million in 2022-23. Gross written premium fell 25.1% to $167.9 million, leading to a 23.1% drop in operating income to $87 million.

“After a very strong [second half of 2022-23] as international borders reopened post-covid, the travel industry reverted to more normal levels of activity in FY24,” Nib said.

“Nevertheless, Nib’s travel business ... had a challenging year, which included the discontinuance of its partnership with Qantas.”