NobleOak Life (NOL) investor relations material

Executive summary

• In-force premium grew 19% year-over-year to $505 million, with underlying NPAT up 11% to $9.6 million and statutory NPAT at $6.3 million, impacted by a $6.5 million Victorian Stamp Duty provision.

• Market share in in-force premium rose to 4.4% (from 3.7%), with new business up 11% to $33.8 million and new business market share reaching 13.8%.

• AI and automation embedded across the business to drive efficiency, improve underwriting, and enhance customer experience.

• New partnerships and products, including alliances with nib and NEOS and the launch of Futura, supported growth strategy execution.

• Maintained a strong capital position within the 140–190% target range, supporting ongoing growth and investment.

Financial highlights

• In-force premiums reached $504.8 million at December 2025, up 19% year-over-year and 9% sequentially from June.

• Underlying NPAT rose 11% to $9.6 million; statutory NPAT was $6.3 million, impacted by a $6.5 million Victorian Stamp Duty provision.

• Net insurance premium revenue increased 23% to $71.6 million.

• Lapse rate at 12.4%, 2.8 percentage points below industry average; direct segment lapse rate improved to 13.5%.

• Underlying diluted EPS up 4% to 10.08cps; reported diluted EPS at 6.68cps.

Outlook and guidance

• FY26 guidance reaffirmed: in-force premium growth expected to exceed 15% and underlying NPAT growth above 10%.

• Direct segment new business sales expected to improve in H2 FY26 as new sales function and partnerships mature.

• Strategic focus on scaling new products, strengthening partnerships, deploying AI, and progressing transition to a Life Insurance Company.

• Ongoing investment in AI, automation, and digital platforms to accelerate growth.

• Capital likely to be retained for business investment during transition to Life Company structure.