Helia Group Limited · ASX:HLI
Helia — Investor Presentation (August 2025)
50 slides from Helia's investor presentation, Aug 22, 2025
Slide 1: 2025 Half Year Results Investor presentation
2025 Half Year Results Investor presentation Creating a brighter future for more home buyers. 22 August 2025
Slide 2: Disclaimer
Disclaimer 2 This presentation contains general information in summary form which is current as at 30 June 2025. It may present financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standards (
Slide 3: Agenda
Agenda 3 1 Overview 4 2 1H25 Financial results 14 3 Closing comments 34 4 Supplementary information 38 5 Glossary 47 2025 Half Year Results
Slide 4: Overview
Overview Michael Cant Interim Chief Executive Officer 2025 Half Year Results
Slide 5: 1H25 overview
1H25 overview 5 Strong financial results Key financial drivers Capital management Areas of focus Statutory NPAT Fully franked Insurance revenue Create a simpler and ordinary dividend of $134m $182m more efficient business 16cps Underlying NPAT1 Total claims incurred3 Unfranked special Customer value
Slide 6: Key performance measures
Key performance measures 6 Statutory NPAT ($ millions) Underlying diluted EPS (cps) Insurance revenue ($ millions) PCA coverage ratio1 219.8 2.30 2.08 46.0 194.8 1.96 40.6 182.2 147.5 133.7 35.8 97.0 1H23 1H24 1H25 1H23 1H24 1H25 1H23 1H24 1H25 1H23 1H24 1H25 Underlying NPAT ($ millions) Annualised
Slide 7: Operating environment
Operating environment 7 Labor force resilient Dwelling values rising Interest rate easing commenced Unemployment rate up modestly to 4.3% but remains National home dwelling values rose 2.4% in 1H252 RBA cash rate target down 50bps to 3.85%3 low1 Price growth in all states and territories Mortgage ra
Slide 8: Industry GWP and the Home Guarantee Scheme
Industry GWP and the Home Guarantee Scheme 8 Industry and Helia quarterly GWP ($ millions) Government Guarantees issued (number of)1 75,000 400 350 60,000 300 250 45,000 200 150 30,000 100 50 72% 15,000 54% 0 77% 57% 68% 0 Jun 19/20 Jun 20/21 Jun 21/22 Jun 22/23 Jun 23/24 Jun 24/25 Jun 25/26 Total i
Slide 9: Helia GWP and share of industry in-force
Helia GWP and share of industry in-force 9 1H25 GWP source and customer type1 1Q25 Helia share of LMI industry2 2% 100% 8% 80% 9% 60% 40% 40% 19% 50% 20% 44% 0% GWP LRC 21% Helia Remainder of industry CBA ING Non-majors Non-banks COBs Other Source: APRA quarterly general insurance performance statis
Slide 10: Industry arrears and portfolio quality
Industry arrears and portfolio quality 10 Industry 90+ day arrears Helia policies in negative equity 6% 1.0% 0.8% 5% 0.6% 4% 0.4% 3% 0.2% 2% 0.0% 1% Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Jun-19 Dec-19 Mar-19 Sep-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Dec-20 Mar-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-21 Mar-
Slide 11: Capital management initiatives
Capital management initiatives 11 Dividend per share (cps) On-market share buy-backs ($ millions) 53 30 27 27 98 100 83 71 56 42 12 14 14 15 15 16 16 0.1 1H22 2H22 1H23 2H23 1H24 2H24 1H25 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Ordinary Special 1H25 commentary: • Fully franked ordinary dividend increase
Slide 12: Sustainability framework
Sustainability framework 12 Driving social wellbeing Enhancing climate resilience Support lenders with Accessible housing risk insights Maintain net zero for Supporting communities Scope 1 and 2 emissions Investment portfolio Scope 3 Employee culture and wellbeing emissions measurement Enabled by re
Slide 13: Strategic priorities
Strategic priorities 13 Create a simpler and more Adapt to a changing market efficient business Rebuild new business market Deploy capital at attractive share returns and return excess capital to shareholders 2025 Half Year Results
Slide 14: 1H25 Financial results
1H25 Financial results Craig Ward Interim Chief Financial Officer 2025 Half Year Results
Slide 15: Income Statement
Income Statement 15 1H25 v 1H25 commentary: ($ millions) 1H24 2H24 FY24 1H25 1H24 • Insurance revenue was down on pcp due to lower GWP in (%) recent book years Insurance revenue 194.8 194.4 389.2 182.2 (6.4) • Insurance service expense down on pcp due to higher Insurance service expense (41.7) (31.2
Slide 16: Insurance revenue
Insurance revenue 16 1H25 commentary: ($ millions) 1H24 2H24 FY24 1H25 • Insurance revenue down 6% on pcp due to lower GWP in 75.4 74.0 149.4 63.7 recent book years Expected insurance service expenses incurred • CSM recognised largely flat due to flat CSM balance Risk adjustment recognised in revenu
Slide 17: Gross written premium (GWP)
Gross written premium (GWP) 17 GWP ($ millions) GWP walk ($ millions) 322.4 120 5.4 289.7 4.4 15.9 (1.7) 259.9 100 249.1 239.3 188.6 80 184.1 131.4 60 109.7 109.9 109.9 96.6 88.6 85.9 40 85.9 20 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 0 1H24 Volume Rate Mix Bulk 1H25 1H25 co
Slide 18: Illustrative profile of insurance revenue recognition
Illustrative profile of insurance revenue recognition 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Years 1H25 commentary: • Revenues are recognised over a 15-year period under AASB 17 • The impact of higher and lower GWP is reflected progressively in insurance revenue • Changes to claims and expense assum
Slide 19: Insurance service expense
Insurance service expense 19 ($ millions) 1H24 2H24 FY24 1H25 Incurred claims from current period 35.7 17.1 52.8 24.9 Changes to liabilities for prior incurred claims (45.6) (44.4) (90.0) (51.9) Total incurred claims (9.9) (27.3) (37.2) (27.0) Insurance expenses 27.2 31.6 58.8 26.0 Amortisation of i
Slide 20: Expense movements and composition
Expense movements and composition 20 Income Statement view ($ millions) 1H25 expenditure incurred ($ millions)1 7.3 (1.2) (2.1) (0.5) 15.8 31.4 67.2 63.4 1.3 5.0 Employee expenses IT expenses Total expenses Insurance Add amortisation of Other operating Total expenses 1H24 expenses acquisition cash e
Slide 21: Claims paid
Claims paid 21 Claims paid Mortgages in possession (MIP) and claims paid (number of) ($ millions unless otherwise stated) 1H24 2H24 FY24 1H25 800 700 Number of claims paid 92 74 166 60 600 175 160 160 161 500 Number of MIPs 400 Average paid claim exc. CHE ($’000) 79.7 68.1 74.5 70.6 300 200 Claims h
Slide 22: Delinquencies
Delinquencies 22 New and closing delinquencies (number of) Change in delinquency count by state 8,000 40% 7,000 20% 6,000 5,000 0% 4,000 FY19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 3,000 -20% 2,000 1,000 -40% 0 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 -60% -80
Slide 23: Incurred claims
Incurred claims 23 ($ millions) 1H24 2H24 FY24 1H25 ($ millions) 1H24 2H24 FY24 1H25 Opening LIC balance 307.9 294.0 307.9 266.8 35.7 17.0 52.8 24.9 Incurred claims from current period (A) Incurred claims from current period 35.7 17.0 52.8 24.9 Impact of experience for the period (26.4) (30.7) (57.1
Slide 24: Insurance service result
Insurance service result 24 ($ millions) 1H24 2H24 FY24 1H25 Contractual service margin recognised 74.4 75.7 150.1 74.3 Risk adjustment recognised in revenue 20.0 19.6 39.6 15.6 Net expense from reinsurance contracts (11.9) (12.5) (24.4) (6.1) Expected insurance service result 82.5 82.8 165.3 83.8 V
Slide 25: Net investment revenue
Net investment revenue 25 Net investment revenue Annualised return on total investments ($ millions) 1H24 2H24 FY24 1H25 5% Interest and dividend / distribution revenue 60.7 56.1 116.8 50.5 Realised and unrealised gains / (losses) (18.2) 44.9 26.7 53.9 4% Investment revenue 42.5 101.0 143.5 104.4 3%
Slide 26: Net insurance finance expense
Net insurance finance expense 26 Interest rate sensitivity analysis ($ millions) 1H24 2H24 FY24 1H25 Impact on Income Statement before tax ($ millions) Interest accreted to liabilities (31.9) (32.5) (64.4) (28.3) Change in discount rate Changes in interest rates 7.2 (8.6) (1.4) (14.3) Investments1 L
Slide 27: Balance Sheet
Balance Sheet 27 ($ millions) 30 Jun 24 31 Dec 24 30 Jun 25 1H25 commentary: Assets • Cash and investments were flat on pcp but cash was higher Cash 35.0 112.4 267.9 to fund the post balance date redemption of Tier 2 notes Investment income receivable 32.6 24.6 20.2 • Insurance contract liabilities
Slide 28: Cash and investments
Cash and investments 28 ($ millions) 30 Jun 24 % 31 Dec 24 % 30 Jun 25 % Portfolio by rating3 Portfolio by maturity Yr 0-1 Commonwealth1 318.6 31.3 343.1 36.9 364.9 42.8 AAA 2% Yr 1-3 State Gov't 349.9 34.4 298.4 32.1 211.6 24.8 8% 8% 17% AA 12% Yr 3-5 Corporate / other 348.6 34.3 269.5 29.0 271.3 3
Slide 29: Insurance and reinsurance contract liabilities
Insurance and reinsurance contract liabilities 29 LRC composition as at 30 Jun 25 ($ millions unless otherwise stated) 30 Jun 24 31 Dec 24 30 Jun 25 PV future cashflows 564.1 522.2 497.6 Risk adjustment 140.5 125.3 120.9 40% Contractual service margin (CSM) 636.2 642.7 635.9 Liability for remaining
Slide 30: Liability for incurred claims (LIC)
Liability for incurred claims (LIC) 30 Liability for incurred claims ($ millions) Average reserve per reported delinquency ($) 400 30,000 350 25,000 300 250 20,000 200 15,000 150 10,000 100 50 5,000 - 1H23 2H23 1H24 2H24 1H25 - Reported Delinquencies IBNR Re-delinquencies 1H23 2H23 1H24 2H24 1H25 1H
Slide 31: Contractual service margin (CSM)
Contractual service margin (CSM) 31 CSM walk ($ millions) Remaining CSM to be recognised ($ millions) 700 636.2 642.7 635.9 26.3 33.2 (74.3) 600 8.0 500 400 642.7 635.9 300 200 100 0 2H24 Interest New business Change in CSM recognised 1H25 Jun-24 Dec-24 Jun-25 accretion estimates Less than one year
Slide 32: Regulatory capital
Regulatory capital 32 ($ millions) 30 Jun 24 31 Dec 24 30 Jun 25 1H25 commentary: Capital base • PML dropped due to cancellations and portfolio seasoning, Net assets 1,061.4 1,080.4 1,021.9 which more than offset new business strain Regulatory adjustments for goodwill/intangibles (10.7) (9.4) (9.1)
Slide 33: Capital walk
Capital walk 33 PCA coverage ratio walk (x)1 0.16 0.24 0.12 2.30 0.02 2.10 0.26 0.23 (0.11) (0.22) (0.26) 1.72 (0.16) (0.16) 2.04 1.87 1.72 Dec-24 Statutory NPAT Dividend & buy- In-force runoff New business Reinsurance (% Other Jun-25 Tier 2 Dividend Buy-back Pro forma back and seasoning strain of P
Slide 34: Closing comments
Closing comments Michael Cant Interim Chief Executive Officer 2025 Half Year Results
Slide 35: Outlook and FY25 guidance
Outlook and FY25 guidance 35 Insurance • FY25 insurance revenue expected to be within range of $350m to $390m (previous revenue guidance $310m - $390m) • FY25 total incurred claims are expected to be negative and remain well below Helia’s Total incurred historical experience of a through the cycle t
Slide 36: Delivering for shareholders
Delivering for shareholders 36 Returns in excess of cost of capital NTA and net CSM1 Underlying ROE (%) 4.95 5.17 5.35 1.46 1.54 1.63 23.7 24.0 19.3 3.49 3.63 3.72 1H23 1H24 1H25 1H23 1H24 1H25 Net tangible assets Contractual service margin Capital management Delivering strong TSR2 184% 259.5 ($ mil
Slide 37: Q&A
Q&A 2025 Half Year Results
Slide 38: Supplementary information
Supplementary information 2025 Half Year Results
Slide 39: Residential mortgage lending market
Residential mortgage lending market 39 Originations and HLVR penetration1 Industry new loans funded: Investment vs. owner occupied ($ billions, %) Helia NIW: Investment vs. owner occupied ($ billions, %) 2 32% 34% 34% 35% 30% 29% 29% 30% 45 34% 40 24% 20% 179.8 35 14% 12% 14% 184.0 218.5 185.0 30 3.
Slide 40: Insurance in-force
Insurance in-force 40 As at 30 Jun 2025 As at 31 Dec 2024 Original Effective Change in Original Effective Change in Book year $ billions % Book year $ billions % LVR LVR house price % LVR LVR house price % 2014 & prior 76.5 36.3% 84.2% 21.1% 146.7% 2014 & prior 81.2 36.9% 84.2% 21.5% 144.1% 2015 10.
Slide 41: Delinquency trends
Delinquency trends 41 Number of delinquencies 1H24 2H24 FY24 1H25 Opening balance 4,532 5,229 4,532 5,083 New delinquencies 3,737 3,466 7,203 3,338 Cures (2,948) (3,538) (6,486) (3,318) Paid claims (92) (74) (166) (60) Closing delinquencies 5,229 5,083 5,083 5,043 Delinquency rate1 0.63% 0.63% 0.68%
Slide 42: Claims sensitivity to economic conditions
Claims sensitivity to economic conditions 42 Economic assumptions as at 30 June 20251 Claims sensitivity3 LRC ($ millions) Excluding CSM LIC CSM4 Property price Mortgage rates Unemployment rates Upside economics Unemployment -1% (20) 15 (5) 3.4% house price RBA cash rate cut to Stay low and expected
Slide 43: Reinsurance program
Reinsurance program 43 Reinsurance coverage by layer (% of APRA 1-in-200 net paid claims) Reinsurance cover ($ millions) 100% 600 90% 500 80% 445.0 406.8 70% 3rd layer 400 Retained 60% 2nd layer 300 275.9 50% 1st layer Retained 40% Retained losses 200 30% Retained 100 20% 10% 0 0% 30 Jun 24 31 Dec 2
Slide 44: Reconciliations
Reconciliations 44 Expenses Statutory NPAT to underlying NPAT1 ($ millions) 1H24 2H24 FY24 1H25 ($ millions) 1H24 2H24 FY24 1H25 Expenditure incurred 63.1 69.6 132.7 62.3 Less investment expenses (1.2) (1.3) (2.5) (1.4) Statutory NPAT 97.0 134.5 231.5 133.7 Less claims handling expenses (2.2) (2.5)
Slide 45: Australian key economic indicators
Australian key economic indicators 45 Change in dwelling Rental vacancies (%) Jun 24 Dec 24 Jun 25 3 months 6 months 12 months values (%) Sydney 1.7 2.1 1.6 Sydney 1.1% 1.9% 1.3% Melbourne 1.5 2.2 1.8 Melbourne 1.1% 1.8% (0.4%) Brisbane 1.1 1.2 0.9 Brisbane 2.0% 3.2% 7.0% Perth 0.8 0.7 0.8 Perth 2.1
Slide 46: History of strong Total Shareholder Return (TSR) delivery
History of strong Total Shareholder Return (TSR) delivery 46 TSR to 15 August 2025 66.1% 1YR 39.1% 31.3% 30.9% 30.8% 28.2% 25.1% 23.8% 19.0% 17.6% 13.8% 10.2% 7.4% HLI Insurer Insurer Bank Bank Bank Insurer FINXR Bank ASX200 Bank Bank Bank 184.0% 3YR 114.4% 109.1% 94.5% 84.1% 80.8% 69.5% 58.4% 48.2%
Slide 47: Glossary
Glossary 2025 Half Year Results
Slide 48: Glossary
Glossary 48 As at 30 June 2025 Term Definition Term Definition Ageing Movement in reserves on any insurance policy that remains in a delinquent state Claims and expenses (including amortisation of insurance acquisition cash flows) incurred in the period Insurance service expense The impact on the pr
Slide 49: Glossary
Glossary 49 As at 30 June 2025 Term Definition Risk adjustment recognition Risk adjustment recognised as revenue / average LRC risk adjustment balance, annualised where proportion required Return on equity – ROE is NPAT divided by the average of the opening and closing equity balance for a ROE finan
Slide 50: Investor materials can be found at:
Investor materials can be found at: Helia.com.au For more information, analysts, investors and other interested parties should contact: Paul O’Sullivan Head of Investor Relations D: +61 499 088 640 E: investorrelations@helia.com.au The release of this announcement was authorised by the Board. 22 Aug