Nobleoak Life Ltd · ASX:NOL
Nobleoak Life — FY2026 Earnings Presentation
34 slides from Nobleoak Life's earnings presentation, Aug 28, 2026
Slide 1: FY26 Financial Results
FY26 Financial Results 28 August 2026
Slide 2: Agenda and presenters
Agenda and presenters 01 02 03 04 05 Who FY26 Financial Strategy & Q&A we are overview results outlook WINNER Life Insurance Company of the Year 2026 Anthony Brown Scott Pearson Chief Executive Officer Chief Financial Officer ANZIIF (Australian and New Zealand Institute of Insurance and Finance) is
Slide 3: Who We Are
01 Who We Are 3
Slide 4: NobleOak overview
NobleOak overview One of Australia’s fastest-growing and most awarded direct life insurers (2019-2025) FY26 highlights APRA $549.2m1 regulated in-force premiums friendly +18% vs FY25 society Direct business ~57,000 policies in force Higher margin, lower cost channel $69.2m New business +9% vs FY25 D
Slide 5: Why NobleOak?
Why NobleOak? What sets NobleOak apart Investment highlights ASPIRATION CLEAR PATHWAY TO $1BN IN-FORCE Predictable annuity revenue from in-force Rapid market share growth with ~10% market share in premiums sight. Strong track record of in-force growth Experienced leadership with track record GROWTH
Slide 6: Long-term value creation for a life insurance company
Long-term value creation for a life insurance company A simple winning formula Market share growth In-force premiums Underlying NPAT 549 19.4% 16.1% 16.2% 464 13.7% 13.0% 14.1% 13.8% 387 13.2% 12.9% 12.8% 12.8% 9.5% 316 255 21.1 6.0% 18.3 182 15.0 4.7% 4.1% 4.1% 4.4% 12.6 3.7% 3.3% 3.0% 110 9.5 2.3%
Slide 7: Significant unrecognised value
Significant unrecognised value NobleOak trades at a significant discount to Embedded Value Embedded value significantly outpacing share price Key takeaways Embedded value1 per share (Dec-25) has increased by ~53% since IPO, while the share price declined by ~28% over the same period, and further sin
Slide 8: FY26 overview
02 FY26 overview 8
Slide 9: FY26 highlights
FY26 highlights Ongoing outperformance and strategic delivery Sales and lapse performance drive in-force and market share growth Executing growth strategy with new products and partnerships Disciplined underwriting delivering margin stability Insert new image Sound capital position with net capital
Slide 10: FY26 financial highlights
FY26 financial highlights In-force growth and underlying NPAT delivered ahead of guidance In-force premiums1 New business Lapse rate1 Underlying NPAT2 Reported NPAT $549.2m $69.2m 12.5% $21.1m $14.1m +18% vs. FY25 +9% vs. FY25 ~2.7ppts better than +15% vs. FY25 +98% vs. FY25 industry average In-forc
Slide 11: Financial results
03 Financial results 11
Slide 12: Group financial performance
Group financial performance In-force growth and underlying NPAT delivered ahead of guidance Key financial metrics1 Key takeaways $m FY26 FY25 Var In-force premiums at period end (ex-Genus) 549.2 464.2 +18% New business 69.2 63.7 +9% Sales and lapse performance drove strong market share Lapse rate 12
Slide 13: Direct Segment
Direct Segment Strong profit growth boosted by repurchase of RevTech trail commissions In-force premiums ($m) Key takeaways Sales performance improved 91.6 99.9 108.2 in H2 with new team and processes embedded FY24 FY25 FY26 Lapse rate reduced to 12.7%, Underlying NPAT ($m) ~2.5% better than industr
Slide 14: Strategic Partner Segment
Strategic Partner Segment Partnerships and new product driving growth In-force premiums ($m) Key takeaways 440.9 Market share growth driven 295.2 364.4 by strong partnerships with NEOS, PPS and launch of new Futura product FY24 FY25 FY26 Underlying NPAT ($m) Strong growth driven by portfolio growth,
Slide 15: Capital position
Capital position Well capitalised to fund growth and business investment Key takeaways Capital base Capital adequacy Assets above multiple target Capital Adequacy Ratio1 within 40 $66.7m 183% $13.0m target range at 183% (Target Range 140% to 190%) RevTech Balance sheet remains strong as 35 acquisiti
Slide 16: Strategy & outlook
04 Strategy & outlook 16
Slide 17: AI in action: a smarter, more scalable Direct Sales engine
AI in action: a smarter, more scalable Direct Sales engine AI, data and sales technology improving quality, productivity and conversion Predictive Scaling value Data foundation AI embedded 1 2 3 optimisation 4 creation One integrated platform In everyday operations Models now commenced Next stage Ce
Slide 18: FY27 outlook & value drivers
FY27 outlook & value drivers Disciplined and momentum continues towards achieving our $1bn in-force premium target In-force premium growth >12% Underlying NPAT growth >10% EMBEDDED VALUE AI & TECHNOLOGY LIFE COMPANY PROFIT GROWTH CAPITAL DISCIPLINE TRANSITION GROWTH LEADERSHIP Grow in-force premium
Slide 19: 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 FY26 $549m Growth profile 800 600 400 200 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
Slide 20: Q&A
05 Q&A 20
Slide 21: Appendix
Appendix 21
Slide 22: 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 marketing, CFO of NobleOak since
Slide 23: NobleOak's Embedded Value (EV)
NobleOak’s Embedded Value (EV)1 9% year-on-year growth to $2.34 per share reflects significant premium to current share price EV combines adjusted net worth with the present 31-Dec-25 31-Dec-24 value of expected future profits distributable to Change $m $m shareholders from existing business, and is
Slide 24: Embedded Value explained
Embedded Value explained Embedded Value (EV) estimates the present value of future profits distributable to shareholders, from existing business. It provides information to assist in forming a Because EV relies on a range of assumptions and judgements, it can long-term view of shareholder value, and
Slide 25: Key drivers of EV growth
Key drivers of EV1 growth 9% year-on-year growth to $2.34 per share reflects significant premium to current share price Embedded Value Movement ($m) (including Imputation Credit at 8.5% Discount Rate) 6.2 1.6 223.4 3.4 217.7 14.6 (5.7) 197.6 EV - 31 Dec 2024 Expected gain Value of New Experience and
Slide 26: 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 27: 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 28: Continued progress on our ESG commitments
Continued progress on our ESG commitments ESG Measure Key Metrics & Target/s By When UN SDG Comments Environment We continue to progress towards our net zero emissions target by 2030. The Company is reviewing its approach to Climate change Carbon emissions - Net zero by 2030 30 Jun 2030 13, 15 emiss
Slide 29: Consolidated income statement
Consolidated income statement Statutory Reported and Underlying results reconciliation (using management Analysis) Management Analysis Variance $’000 FY26 FY25 % Insurance premium 532,597 451,132 18% Reinsurance premium (386,098) (332,070) 16% Net insurance premium 146,499 119,062 23% Net claims exp
Slide 30: Financial strength
Financial strength Sound capital position above regulatory requirements Balance sheet at 30 June 2026 Commentary $m 30 Jun 2026 30 June 2025 Assets Investments Cash and cash equivalents 79.8 85.5 Primarily held in term deposits and an Australian dollar denominated Receivables 3.5 3.3 fixed income
Slide 31: Management result
Management result NobleOak’s management reporting framework AASB17 Statutory Profit and Loss Statement Management For the Year Ended 30 June 2026 $m Highlights Insurance revenue 506.1 Insurance service expenses (518.8) • Statutory and Management Analysis to be provided together Reinsurance expenses
Slide 32: Embedded Value Movement Analysis
Embedded Value Movement Analysis Expected gain on in-force Expected gain on in-force reflects the unwinding of the 8.5% discount rate applied to opening Embedded Value. Value of New business (VNB) NobleOak achieved new business market share of 14.1% in the twelve months to 31 December 2025, compared
Slide 33: 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 34: 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