NobleOak Life (NOL) H1 2025 earnings summary

Executive summary

• Achieved 20% year-over-year growth in in-force premiums to $423 million, increasing market share to 3.7% and new business up 15% to $30.4 million, both ahead of industry growth rates.

• Underlying NPAT rose 11% to $8.7 million, with statutory NPAT up 184% to $8.3 million, and underlying diluted EPS at 9.7cps.

• Strategic partner and direct channels both contributed to growth, supported by investments in technology, product innovation, and customer experience.

• Acquisition of RevTech Media's FiftyUp Club and trailing commissions completed, expected to add over $1.5 million annual profit and access to 480,000 members.

• Maintained strong capital position with a regulatory capital adequacy multiple of 194% and surplus capital above target.

Financial highlights

• In-force premiums grew 20% year-over-year to $423 million; new business up 15% to $30.4 million; market share at 3.7%.

• Net insurance premium revenue up 19% to $58.2 million; underlying NPAT up 11% to $8.7 million.

• Underlying gross insurance margin stable at 11.6%; administration expense ratio at 7.3%.

• Direct channel in-force premium up 12% to $96.2 million; NPAT up 7% to $3.2 million.

• Strategic partner channel in-force premium up 23% to $326.8 million; NPAT up 11% to $5.0 million.

Outlook and guidance

• Expects to outperform industry and achieve approximately 15% annual in-force premium growth for FY25, versus market growth of 5%.

• Ongoing investment in brand, digital transformation, product innovation, and partnerships to drive growth and customer retention.

• Higher interest rates and inflation-linked premiums expected to support margins and offset inflationary pressures.

• Capital position supports organic and inorganic growth, with potential for future dividends.

• Plans to enhance brand recognition with above-the-line marketing in H2.