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HBF is a not-for-profit, member-based health insurance provider offering hospital and extras cover to individuals in Australia. Operating since 1941, it is one of the country's largest not-for-profit health funds, serving over one million members.
Also known as HBF · HBF Health
Founders & leadership
Investors · 1
Company profile
researched Aug 2026HBF is an Australian private health insurance fund that has operated since 1941, giving it more than 80 years in the health insurance industry. It is structured as a not-for-profit, member-focused fund and serves approximately one million members.
The fund has expanded through acquisition, notably taking ownership of Queensland Country Health Fund (QCHF), whose members — including members of The Territory Health Fund — were told their existing covers, premiums, discounts, branch access and service arrangements would remain unchanged in the period immediately following the sale, with the two organisations progressively integrating into one organisation. Reporting in August 2025 indicated HBF had rebuffed takeover interest and signalled further acquisitions aimed at building national scale.
Business model
HBF operates as a not-for-profit private health insurer, providing hospital and related health cover to members, with premiums adjusted through periodic increases such as the annual April 1 premium cycle referenced for acquired fund members.
Traction
HBF reported around one million members and more than 80 years of operating history, and it expanded its membership base through the acquisition of Queensland Country Health Fund.
Latest developments
In August 2025 HBF was reported to have waved off takeover suitors and flagged further acquisitions to increase its scale nationally.
▸Full profile — market position, go-to-market, geography, history
Market position
HBF is described as a major Australian health fund with scale, with around one million members, a record of some of the lowest premium increases among major funds over the longer term, and recognition as the most trusted private health insurer in Australia in the Roy Morgan Net Trust Survey 2022. It has been reported as seeking to build a larger presence on the national stage.
Go-to-market
Individuals and families in Australia purchasing private health insurance, including members acquired through Queensland Country Health Fund and The Territory Health Fund.
Geography
Australia, with a base in Western Australia-focused media coverage and expansion into Queensland and the Northern Territory via the Queensland Country Health Fund and The Territory Health Fund member bases.
History
HBF has been in business since 1941, accumulating over 80 years of experience in the Australian health insurance industry. It acquired Queensland Country Health Fund, which also covered members of The Territory Health Fund, and communicated to those members that cover, premiums and service arrangements would be unchanged in the short term while the businesses were combined. In August 2025 it was reported to have declined takeover approaches while flagging additional acquisitions to grow nationally.
Compiled by commissioned research from 3 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 3
launches, deals, and filingsPress coverage reported HBF had waved off suitors and signalled additional acquisitions to grow its scale nationally.
Queensland Country Health Fund announced it was joining HBF through an acquisition, with QCHF members (including The Territory Health Fund members) advised there would be no changes to cover, premiums or service in the next 12 months while the organisations combined.
HBF was cited as the most trusted private health insurer in Australia according to the Roy Morgan Net Trust Survey 2022.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 3
primary sources listed
- HBF waves off suitors, flags more acquisitions to get bigger on national stage | The West Australianthewest.com.au · web
3 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does HBF do?
- Australian not-for-profit private health insurer, operating since 1941 and serving around one million members.
- Who are HBF's investors?
- HBF's investors include Artesian.