NobleOak Life (NOL) H2 2025 earnings summary

Executive summary

• Achieved 20% year-over-year in-force premium growth to AUD 464.2 million, surpassing guidance and increasing market share in both direct and advised channels.

• Underlying NPAT/profit rose 22% to AUD 18.3 million, driven by disciplined underwriting, cost control, and margin expansion.

• Recognized as Life Insurance Company of the Year 2025 and most awarded direct life insurer for the sixth consecutive year.

• Embedded Value reached AUD 197.6 million (AUD 2.16/share), up 90% since IPO.

• Strategic initiatives included acquisitions (RevTech, FiftyUp Club), new partnerships (health insurer, NEOS), and product launches (Travel, Pet Insurance, Wealth Maximiser).

Financial highlights

• In-force premiums grew to AUD 464.2 million, up 20% from FY24 and ahead of guidance.

• New business sales/premiums rose 17% to over AUD 63.7 million, with a 12.8% new sales market share.

• Statutory NPAT fell 23% to AUD 7.1 million due to one-off impacts from RevTech acquisition and Victorian stamp duty provision.

• Regulatory capital adequacy at 186%, with AUD 8.6 million surplus capital above target.

• Lapse rate at 12.2%, remaining below industry average.

Outlook and guidance

• FY26 targets: in-force premium growth above 15% and underlying NPAT growth above 10%.

• Focus on launching new products, expanding partnerships, and scaling in wealth adjacencies.

• Continued investment in technology, AI, and digital initiatives to drive efficiency and sales.

• Transition to Life Company structure expected to complete in 2-3 years, costing AUD 3-4 million, with long-term capital efficiency benefits.

• No dividend declared for FY2025 as capital is prioritized for growth and transition.