It was established in 1952 to provide health insurance for workers at the BHP Newcastle Steelworks, and has since grown into a national and international operation.

[citation needed] Later that day, nib became the first private health insurance fund to list on the Australian Securities Exchange (ASX).

[4][5] In 2010, nib set about expanding globally, purchasing IMAN International Pty Ltd, a specialist provider of health cover for temporary migrant workers in Australia for approximately $25 million.

[15] In 2016, nib announced the acquisition of World Nomads Group, Australia's third-largest distributor of travel insurance, for $95 million.

[citation needed] Since inception, over $19 million in grant funding has been provided to aid the development and delivery of health and wellbeing initiatives.

In 2023, the company announced former sportsperson and media personality Dylan Alcott as an ambassador, as well as appointing him Chief Motivation Officer.