Nobleoak Life Ltd · ASX:NOL
Nobleoak Life — H1 FY2026 Earnings Presentation
25 slides from Nobleoak Life's earnings presentation, Feb 27, 2026
Slide 1: HY26 Financial Results
HY26 Financial Results 27 February 2026
Slide 2: Agenda and presenters
Agenda and presenters 01 02 03 04 HY26 Financial Strategy & Q&A overview results outlook Anthony Brown Scott Pearson Chief Executive Officer Chief Financial Officer 2
Slide 3: Why NobleOak?
Why NobleOak? Australia’s most awarded direct life insurer What sets NobleOak apart Investment highlights ASPIRATION CLEAR PATHWAY Predictable annuity revenue TO $1BN IN-FORCE from in-force premiums Rapid market share growth with ~10% share in sight. Strong track record of in-force growth Experience
Slide 4: HY26 overview
01 HY26 overview 4
Slide 5: HY26 highlights
HY26 highlights Ongoing outperformance and strategic delivery Strong sales and lapse performance drives in-force growth Continued market share growth in direct and advised markets Insert new image Executing growth strategy with new products and partnerships Sound capital position within target range
Slide 6: HY26 financial highlights
HY26 financial highlights Major milestone as NobleOak passes halfway point on journey to $1bn in-force In-force premiums1 New business Lapse rate1 Underlying NPAT2 $504.8m $33.8m 12.4% $9.6m +19% vs. HY25 +11% vs. HY25 ~2.8ppts below industry +11% vs. HY25 Statutory NPAT $6.3m In-force premium marke
Slide 7: Financial results
02 Financial results 7
Slide 8: Group financial performance
Group financial performance Market share gains and margin stability Key financial metrics1 Key takeaways $m/% HY26 HY25 Var In-force premiums at period end (ex-Genus) 504.8 422.9 +19% Strong sales and lapse New business 33.8 30.4 +11% performance driving market Lapse rate 12.4% 11.6% (0.8) ppts shar
Slide 9: Direct Channel
Direct Channel Strong profit growth driven by repurchase of RevTech trail commissions In-force premiums ($m) Key takeaways New business market share 103.5 remains well above long- 85.9 96.2 term target HY24 HY25 HY26 Lapse rate reduced to 13.5%, Underlying NPAT ($m) ~2% below industry average Repurc
Slide 10: Strategic Partner Channel
Strategic Partner Channel Increase market share and new product driving growth In-force premiums ($m) Key takeaways 326.8 401.3 Market share growth driven 265.5 by strong partnerships with NEOS, PPS and launch of new HY24 HY25 HY26 Futura product Underlying NPAT ($m) Underwriting margin impacted by
Slide 11: Capital position
Capital position Well capitalised to fund growth and business investment Key takeaways Capital base Capital adequacy Assets above multiple target $53.4m 174% $6.4m 174% capital adequacy ratio – within target range 200% 191% 193% 186% 174% Underlying capital generation Capital adequacy multiple 190%
Slide 12: Strategy & outlook
03 Strategy & outlook 12
Slide 13: Progress against FY26 strategic priorities
Progress against FY26 strategic priorities Investing to accelerate growth and drive profitability Launch new partner and product Launch new NEOS product Embed AI & automation • New alliance partnership with one of • Futura is distributed on the NEOS platform • Progressing AI strategy to drive effici
Slide 14: FY26 outlook
FY26 outlook Reaffirming FY26 guidance In-force premium growth >15% Underlying NPAT growth >10% 14
Slide 15: NOBLEOAK
© NOBLEOAK
Slide 16: Appendix
05 Appendix 16
Slide 17: Management Team with Strong Execution Capability
Management Team with Strong Execution Capability Deep experience across actuarial, customer, sales, technology and financial services Anthony R Brown CEO and Director Scott Pearson Chief Financial Officer CEO of NobleOak since 2012, with significant experience across Significant financial services e
Slide 18: Capital Management Framework
Capital Management Framework Disciplined framework to deliver accretive growth and maximise shareholder value Capital Deployment Principles Target Capital Range Capital Management Framework Maximum Preserve strategic flexibility Free cash flow from operations capital Maintain reserves to adapt to fu
Slide 19: Consolidated income statement
Consolidated income statement Statutory and Underlying results reconciliation (using management Analysis) Management Analysis Variance $’000 HY26 HY25 % Insurance premium 256,340 216,025 19% Reinsurance premium (184,695) (157,831) 17% Net insurance premium 71,645 58,194 23% Net claims expense (19,42
Slide 20: Financial strength
Financial strength Sound capital position above regulatory requirements Statutory balance sheet at 31 December 2025 Commentary $m 31 Dec 2025 30 Jun 2025 Assets Investments Cash and cash equivalents 66.2 85.5 Primarily held in term deposits and an Australian dollar denominated Receivables 4.5 3.3
Slide 21: Management result
Management result NobleOak’s management reporting framework AASB17 Statutory Profit and Loss Statement Management For the Half Year Ended 31 December 2025 $m Highlights Insurance revenue 243.3 Insurance service expenses (257.6) • Statutory and Management Analysis to be provided together Reinsurance
Slide 22: Clear pathway to $1bn in-force
Clear pathway to $1bn in-force Strong platform established with diversified growth opportunities ahead NobleOak in-force premium ($m) 10% share of $11bn individual life risk market 1,000 HY26 $505m Growth profile 800 600 400 200 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
Slide 23: Transition to Life Company structure
Transition to Life Company structure Will deliver long-term capital efficiency, flexibility and governance benefits Transition from Friendly Society to Life Company Key benefits: Involves replacing multiple benefit funds with single statutory fund Capital More cost-effective capital structure, to su
Slide 24: Important notice and disclaimer
Important notice and disclaimer CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY Forward-looking statements This presentation may contain statements that are, or may be deemed to be, forward-looking statements. Such statements can generally be identified by the use of words such as 'may', 'will
Slide 25: Important notice and disclaimer (continued)
Important notice and disclaimer (continued) CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY Presentation of information The financial data in this presentation is provided on a statutory basis but in a non-statutory presentation format (unless otherwise stated). Currency: all amounts in this