Outsurance Group Limited · JSE:OUT
Outsurance — FY2026 Earnings Presentation
46 slides from Outsurance's earnings presentation, June 2026
Slide 1: OUTsurance Group Limited Audited Financial Results 2026
OUTsurance Group Limited AUDITED FINANCIAL RESU L 2026 5
Slide 2: Agenda
AGENDA Operational Financial Outlook and Supplementary review review strategic focus information areas MARTHINUS VISSER FRANCOIS VAN ROOYEN MARTHINUS VISSER CEO CFO DESIGNATE CEO JAN HOFMEYR CFO 2
Slide 3: Operational Review
OPERATIONAL REVIEW
Slide 4: Macroeconomic trends
Macroeconomic trends Inflation and interest rate environment impacting operational performance CPI Inflation Interest rates Exchange rates 20.15 8.25% 8.25% 19.77 9.1% 19.64 18.79 7.25% 7.00% 7.4% 17.15 18.19 17.56 17.75 6.1% 6.1% 5.4% 4.75% 16.39 6.0% 5.0% 4.35% 4.10% 4.35% 3.85% 15.28 5.1% 4.0% 3.
Slide 5: Overview of key operational themes
Overview of key operational themes OUTsurance SA OUTsurance SA OUTsurance SA Personal Business Operating environment Operating environment • Satisfactory premium growth in the context of the • Good premium growth outcome achieved by OUTsurance declining premium inflationary environment. Brokers with
Slide 6: Overview of key operational themes
Overview of key operational themes Youi Youi Direct Youi Personal and Business CTP Operating environment Operating environment • Youi continues to deliver good organic premium growth • Challenging operating environment on the back of against a simplified direct distribution strategy. adverse claims
Slide 7: Overview of key operational themes
Overview of key operational themes OUTsurance Ireland OUTsurance Ireland Personal • With 2026 marking the 2nd full year of operations, OUTsurance Ireland is steadily progressing as a new entrant in the Irish car and home insurance market. • OUTsurance Ireland recorded €41 million of GWP for the fina
Slide 8: Overview of key operational themes
Overview of key operational themes OUTsurance Life OUTsurance Life Growth • The value of new business written grew by 41.5%, reflecting the positive impact of product simplification and accelerated growth in the Direct channel. • VNB margin improved from 22.1% to 23.7% benefitting from cost efficien
Slide 9: P&C new business premium performance
P&C new business premium performance Youi and OUTsurance Ireland drive double digit new business growth P&C annualised new business premium written (R’million) 6 529 7 710 10 055 11 779 11 912 • Annualised new business premium written grew by 15.9% despite the translation impact of the stronger Rand
Slide 10: P&C gross written premium performance
P&C gross written premium performance Satisfactory growth delivered despite lower premium inflationary environment P&C gross written premium (R’million) 14 468 14 558 15 632 16 904 19 920 22 734 27 559 33 200 38 782 40 752 10-year CAGR = 11.0% +15.7% Excl. BZI 5-year CAGR = 15.4% • The Group’s P&C G
Slide 11: Operating profit performance
Operating profit performance Robust operating profit achieved at OUTsurance SA and Youi P&C operating profit (R’million) • The 30.3% growth in operating profit was driven by the 3 147 3 507 3 131 3 248 3 357 2 726 4 086 4 433 5 686 7 407 strong operational performance of OUTsurance SA and 10-year CA
Slide 12: Natural perils exposure
Natural perils exposure Adverse natural perils experience which dampened operating performance Net retained natural perils losses as % of net premium Claims ratio analysis 19.6% 19.8% 44.6% 41.9% 58.5% 62.2% 17.8% 15.8% 12.4% 13.2% 11.7% 13.8% 12.6% 9.8% 12.2% 11.7% 11.8% 9.7% 9.8% 9.8% 4.0% 9.1% 9.
Slide 13: Earnings impact of growth initiatives
Earnings impact of growth initiatives Larger investment in OUTsurance Ireland Operating losses generated by growth initiatives as % of operating profit from mature business units (R’million) • Appetite for new venture losses is set at 10% of full-year operating 900 18.0% 8.6% 8.8% 8.7% 9.8% profit.
Slide 14: Financial Review
FINANCIAL REVIEW
Slide 15: Financial review: themes impacting performance
Financial review Themes impacting our financial performance Premium growth Strong organic premium growth in a lower overall premium inflationary environment. Claims Higher natural perils exposure which was most pronounced in Australia. Claims Improved working claims in OUTsurance SA and a satisfacto
Slide 16: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividend and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 16
Slide 17: OGL Group consolidated results overview
OGL Group consolidated results overview Key performance outcomes R’ million 2026 2025 % change • The earnings growth differential between the normalised Normalised earnings 5 605 4 728 18.5% earnings outcomes of OGL and OHL is attributed to: Normalised ROE 38.3% 33.0% • The decrease in associate ear
Slide 18: OHL Group consolidated results overview
OHL Group consolidated results overview OHL Group normalised earnings (R million) 2 316 3 310 3830 4 962 6 000 OHL Group normalised ROE (%) 40.4% 2 016 36.4% 2 156 30.7% 1 469 29.8% 1 258 4 450 74 357 3 208 22.0% 2 541 2 108 1 885 ( 56) ( 402) ( 466) ( 180) Jun 2022 Jun 2023 Jun 2024 Jun 2025 Jun 20
Slide 19: Operational performance – Property and Casualty
Operational performance – Property and Casualty P&C key performance outcomes R’ million 2026 2025 % change Gross written premium (Excl. BZI) 40 823 35 290 15.7% Net earned premium (Excl. BZI) 36 880 31 062 18.7% (6.6%) Net earned premium 38 415 34 147 12.5% Annualised new business premium written (E
Slide 20: Contribution of investment income to operating profit
Contribution of investment income to operating profit Proportional contribution of investment income generated on insurance liabilities • Youi’s Investment income continues to grow OUTsurance SA Youi P&C Group1 structurally owing to the growing insurance book. • Investment income contributed a large
Slide 21: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividend and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 21
Slide 22: OUTsurance SA
OUTsurance SA OUTsurance SA key financial outcomes R’ million 2026 2025 % change • Satisfactory premium growth with favourable claims experience contributing to lower customer premium Gross written premium 14 342 13 353 7.4% inflation. Net earned premium 14 151 13 149 7.6% Normalised operating profi
Slide 23: OUTsurance SA Personal
OUTsurance SA Personal Gross written Operating profit Combined ratio premium +6.0% (7.7% excl. HOC) +14.4% 64.6% 61.5% • Excluding the HOC book (in run-off), OUTsurance Personal grew gross written premium by 7.7%. The lower growth rate compared to the prior year is 18.8% 18.1% illustrative of the lo
Slide 24: OUTsurance SA Business
OUTsurance SA Business Gross written premium Operating profit Combined ratio 3 018 3 382 697 1 044 78.5% 69.9% • OUTsurance SA Business delivered 12.1% gross +49.8% written premium growth, largely driven by the +12.1% OUTsurance Brokers channel which represents the largest component of revenue. • 31
Slide 25: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividend and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 25
Slide 26: Youi Group
Youi Group Youi Group key financial outcomes R’million 2026 2025 % change Gross written premium (Excl. BZI) 25 680 21 668 18.5% Gross written premium 25 609 25 160 1.8% • GWP increased with 18.5% (21.3% in AUD) owing to good organic growth against a simplified direct distribution Net earned premium
Slide 27: Youi Group
Youi Group Gross written premium Operating profit Combined ratio (Excl. BZI) 21 668 25 680 3 000 2 806 88.4% 90.5% • Measured in AUD, gross written and net earned premiums (both excl BZI) grew by 21.3% and 27.7% +18.5% Excl. BZI (6.5%) respectively. 28.3% 29.9% 1 830 210 347 • In contrast to the pri
Slide 28: Youi Direct
Youi Direct Gross written premium Operating profit Combined ratio (GWP) +18.4% (4.4%) 84.8% 88.3% • In AUD, gross written and net earned premiums grew by 21.2% and 25.7%, respectively despite moderating 29.5% premium inflation. 29.6% • The Direct channel's sustained organic growth translated into st
Slide 29: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividend and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 29
Slide 30: OUTsurance Ireland
OUTsurance Ireland OUTsurance Ireland key financial outcomes R’ million 2026 2025 % change Gross written premium 801 269 >100% • OUTsurance Ireland is making steady progress as a new entrant in the Irish market with gross written Net earned premium 469 68 >100% premium increasing from €14 million to
Slide 31: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividend and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 31
Slide 32: OUTsurance Life
OUTsurance Life OUTsurance Life key financial outcomes R’ million 2026 2025 % change Accounting measures • The VNB written increased by 41.5% over the prior year, Operating profit 407 438 (7.1%) reflecting satisfactory volume and new business margins. Life Direct (Underwritten Life and Funeral Direc
Slide 33: Financial review
Financial review PART 1 PART 2 PART 3 PART 4 PART 5 PART 6 OGL and OHL OUTsurance Youi Group OUTsurance OUTsurance Dividends and consolidated SA results results Ireland results Life results capital position results OUTsurance Group Limited Financial Results 2026 33
Slide 34: Capital position and dividends
Capital position and dividends Strong solvency positions and release of surplus capital OGL ordinary and special dividends declared per share (cents per share) 450 76.1% 77.6% 80.5% 71.8% 80.0% 400 70.0% 117.8 56.6% SCR ratio (pre-dividend) 2026 2025 Target 350 60.0% 300 • Final 50.0% ordinary divid
Slide 35: Outlook & Strategic Focus Areas
OUTLOOK & STRATEGIC FOCUS AREAS
Slide 36: Group outlook and strategic focus areas
Group outlook and strategic focus areas The Group is well positioned to deliver profitable organic growth Delivering on the OUTsurance Systems modernisation Organic growth Ireland business plan • Large runway for growth in our core • OUTsurance Ireland is a core • The systems modernisation project d
Slide 37: Group outlook and strategic focus areas
Group outlook and strategic focus areas The Group is well positioned to deliver profitable organic growth Cost efficiency Earnings volatility Structural simplification • Notable efficiency gains have been • With reinsurance catastrophe • Significant progress have been achieved over the last two fina
Slide 38: Forward-looking statement disclaimer
Forward-looking statement disclaimer This presentation contains statements about the OUTsurance Group that are or may be forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements are
Slide 39: Thank you
Thank you Contact: InvestorRelations@out.co.za group.outsurance.co.za
Slide 40: Supplementary Information
SUPPLEMENTARY INFORMATION
Slide 41: Group structure
Group structure Operating insurance entities OUTsurance 7.17% OUTsurance Insurance (SA) 100% employees OUTsurance Life (SA) 100% OUTsurance Ireland Group (Ireland) 100% OUTsurance Youi Group (Australia) 94.8% Holdings Limited 92.83% Registered holding Operating administrative entities company OUTsur
Slide 42: Youi BZI Broker channel exit
Youi BZI Broker channel exit 2026 (0.3%) • With effect 1 July 2025, Youi ceased writing new business in the BZI Broker channel. The final remaining policies expired on 30 June 2026. 12.4% • Unsettled claims liabilities will continue to incrementally run-off, the majority of Gross written Operating w
Slide 43: Total normalised investment income
Total normalised investment income Net income earned on insurance liabilities vs investment income on share capital 1 049 724 778 811 51 37 189 280 2 290 1 887 • The total normalised investment income earned by 7 OHL is 17.6% lower. This is owing to the mark-to- 267 53 market effects of the TRS hedg
Slide 44: Share-based payments expense incurred by the South African operation
Share-based payments expense incurred by the South African operation 1 505 235 212 • The share-based payments expense was thematic to recent results 205 seasons due to the rapid growth in the share price of the Group since the listing transition. • The final vintage of the ESOP (Employee Share Optio
Slide 45: Normalised earnings reconciliation – OGL and OHL
Normalised earnings reconciliation – OGL and OHL OGL OGL OHL OHL R’ million 2026 2025 % change 2026 2025 %change Earnings attributable to ordinary shareholders 5 623 4 707 19.5% 5 992 5 151 16.3% Adjustment for: Impairment of investments in associates 42 - - - Loss on sale of property and equipment
Slide 46: Sources of normalised earnings
Sources of normalised earnings Buildup of normalised earnings by entity as attributed to the OHL and overall OGL Group R’ million 2026 2025 % change OUTsurance SA 4 196 2 928 43.3% Youi Group 2 136 2 290 (6.7%) OUTsurance Ireland (466) (402) (15.9%) OUTsurance Life 280 349 (19.8%) Administration ser