Medibank (ASX:MPL) saw their shares rise by as much as 6.1% to A$3.630, which sets the record for the highest rise since February 23, given the current gains continue to hold.

This significant increase marks the highest the stock has been since June 21.

The Australian health insurance company recently posted a full-year net profit from regular activities amounting to A$511.1 million.

This marks a substantial rise of 29.8%.

Additionally, the company declared a fully franked dividend of 8.30 Australian cents per share.

Moreover, the company reveals its target to save around A$20 million in productivity across FY24 and FY25.

The share price of Medibank has increased by 15.9% this year up until the most recent closing of the stock market.

Medibank is a leading, Australian health insurance provider.