Medibank Private

Medibank operates a balance-sheet investment portfolio funded by premium float from its core health insurance operations. This portfolio holds direct real estate — such as the Myhealth Medical Clinics portfolio and iMH Deakin Private Hospital — alongside defensive assets in Australia and a global growth allocation. The investment team deploys capital directly rather than entirely through external fund managers, giving the insurer an operating-company-like exposure to healthcare real assets.

Medibank directly owns its head office at Medibank Place, 695 Collins Street, and a second office at 720 Bourke Street, both in Melbourne's Docklands. It also holds a national portfolio of Myhealth Medical Clinics and is the joint venture partner in iMH Deakin Private Hospital in Canberra, developed alongside Aurora Healthcare Australia. These holdings sit on the defensive-asset side of the internal portfolio.

The investment portfolio is split between defensive assets held in Australia and growth assets with a global mandate. Known exposures include direct commercial real estate (offices and medical clinics), hospital infrastructure, private credit, and public equities. The firm does not publicly disclose a detailed asset-class breakdown, but its direct-property positions and joint ventures indicate a blend of alternatives and traditional exposures.