Nobleoak Life Ltd · ASX:NOL
Nobleoak Life — FY2025 Earnings Presentation
32 slides from Nobleoak Life's earnings presentation, Aug 29, 2025
Slide 1: FY25 Financial Results
AUSTRALIA’S FASTEST-GROWING DIRECT LIFE INSURER FY25 FINANCIAL RESULTS 29 August 2025
Slide 2: Agenda and presenters
Agenda and presenters 01 02 03 04 FY25 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 fastest-growing and 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-for
Slide 4: Track record of strong and profitable growth
Track record of strong and profitable growth In-force premium provides strong annuity stream revenue Strong sales driving market share growth1 Strong growth in-force premiums2 Stable margins delivering underlying profit growth 464 20% 19.4% 387 16.1% 16.2% 316 15% 13.7% 13.0% 13.2% 12.8% 12.9% 12.8%
Slide 5: FY25 overview
01 FY25 overview 5
Slide 6: FY25 highlights
FY25 highlights Ongoing outperformance and strategic delivery Strong sales drives in-force growth ahead of guidance Continued market share growth in direct and advised markets Australia’s most awarded direct Life Insurer six years running WINNER Investing for long-term growth with new products, tech
Slide 7: FY25 financial highlights
FY25 financial highlights Strong financial performance continues In-force premiums1 New business Lapse rate1 Underlying NPAT2 $464.2m $63.7m 12.2% $18.3m +20% vs. FY24 +17% vs. FY24 ~5.3ppts below industry +22% vs. FY24 Ahead of guidance of ~15% In-force premium market share3 New business market sha
Slide 8: Financial results
02 Financial results 8
Slide 9: Group financial performance
Group financial performance Strong in-force premium growth and margin expansion Key financial metrics1 Key takeaways $m/% FY25 FY24 Var In-force premiums at period end (ex-Genus) 464.2 386.7 +20% Strong sales delivered in-force Genus in-force premiums at period end 23.8 24.5 (3%) growth ahead of gui
Slide 10: Direct Channel
Direct Channel Differentiated digital platform driving market share growth In-force premiums ($m) Key takeaways 80.3 91.6 99.9 Market share growth driven by digital investment FY23 FY24 FY25 Underlying NPAT ($m) RevTech trail acquisition and favourable claims experience delivers margin expansion 8.9
Slide 11: Strategic Partner Channel
Strategic Partner Channel Strong partnerships capturing share in advised market In-force premiums ($m) Key takeaways 295.2 364.4 235.6 Strong growth from NEOS ahead of new product launch FY23 FY24 FY25 Underlying NPAT ($m) Disciplined insurance risk management driving stable insurance margins 7.8 8.
Slide 12: 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 More efficient capital structure, reducing capital statutory fund C
Slide 13: Strong capital position
Strong capital position Capital generation to fund growth and distributions Key takeaways Capital base Capital adequacy Assets above Strong capital adequacy – multiple target within target capital range $51.0m 186% $8.6m Organic capital generation Capital Usage Since IPO driving business growth 35 4
Slide 14: NobleOak's Embedded Value (EV)
NobleOak’s Embedded Value (EV) EV1 reflects significant premium to current equity valuation Key takeaways Significant EV growth since IPO ($m) 197.6 NobleOak EV at 31-Dec-24: 21.7 $197.6m or $2.16 per share2 3.1 (using 8.5% IPO discount rate for comparison purposes) +90% 90% increase since IPO (EV a
Slide 15: Strategy & outlook
03 Strategy & outlook 15
Slide 16: 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 FY25 $464m Growth profile 800 600 400 200 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
Slide 17: How we will get there
How we will get there Our diversified growth strategy across life and wealth adjacencies Purpose Build and Protect Australian Wealth with Integrity Strategic Grow Strategic Grow in strategic Optimise business and Grow Direct in-force objectives Partner in-force adjacencies drive economies of scale S
Slide 18: AI at NobleOak: Smarter, Simpler and Human-Centred
AI at NobleOak: Smarter, Simpler and Human-Centred Using AI to enhance customer experiences, boost efficiency and drive smarter decisions Assist Automate Transform Enhance productivity across teams Reshape workflows to drive efficiency Enhance customer engagement and efficiencies (Generative and Col
Slide 19: FY26 strategic opportunities
FY26 strategic opportunities Key initiatives to drive profitable growth in 2026 and beyond Launch new alliance partner Boost brand Scale in wealth adjacency Launch new NEOS product Growth initiatives Strengthen brand through targeted campaigns aligned Pilot Wealth Maximiser and other Bring a leading
Slide 20: 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 21: FY26 outlook
FY26 outlook Continued strong growth in premiums and profits In-force premium growth >15% Underlying NPAT growth >10% 21
Slide 22: Q&A
04 Q&A 22
Slide 23: Appendix
05 Appendix 23
Slide 24: 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 Significant financial services experien
Slide 25: NobleOak's Embedded Value (EV)
NobleOak’s Embedded Value (EV) EV1 reflects significant premium to current valuation Significant growth in EV since IPO Dec-24 Dec-20 EV reflects the present value of cash flows from $m $m NobleOak’s current in-force portfolio and is Discount rate applied 7.5% 8.5% 9.5% 8.5% comprised of three key e
Slide 26: Continued progress on our ESG commitments
Continued progress on our ESG commitments ESG Measure Key Metrics & Target/s By When UN SDG Comments Environment Purchased 1314 ACCUs for 2023/2024 and 1500 VERs to be Climate change Carbon emissions – Net zero by 2030 30 Jun 2030 13, 15 certified as Carbon Neutral (for business operations) by Clima
Slide 27: Consolidated income statement
Consolidated income statement Statutory and Underlying results reconciliation (using management Analysis) Management Analysis Variance $’000 FY25 FY24 % Insurance premium 451,132 376,576 20% Reinsurance premium (332,070) (277,944) 19% Net insurance premium 119,062 98,632 21% Net claims expense (31,1
Slide 28: Financial strength
Financial strength Sound capital position above regulatory requirements Statutory balance sheet at 30 June 2025 Commentary $m 30 Jun 2025 30 Jun 2024 Assets Investments Cash and cash equivalents 85.5 64.0 ▪ Primarily held in term deposits and floating rate fixed interest funds Receivables 3.3 13.1 I
Slide 29: Management result
Management result NobleOak’s management reporting framework AASB17 Statutory Profit and Loss Statement Management For the Year Ended 30 June 2025 $m Highlights Insurance revenue 433.5 Insurance service expenses (360.8) • Statutory and Management Analysis to be provided together Reinsurance expenses
Slide 30: Cashflow Restatement
Cashflow Restatement Cashflow Statement reclassified to align with AASB 17 – No change to economic cashflow AASB 17 As Reported Restated Old Classification Reclass Restated Calssification $’000 $’000 $’000 Operating cash flows Premium received 374,516 - 374,516 Premium received Reinsurance premium p
Slide 31: 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 32: 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