NobleOak Life (NOL) investor relations material

Executive summary

• Achieved strong in-force premium growth of 19% year-over-year to $504.8M/AUD 505 million, with new business up 11% to $33.8M, driven by robust sales and lower-than-industry lapse rates.

• Underlying NPAT increased 11% to $9.6M/AUD 9.6 million, reflecting stable margins and operating leverage.

• Statutory NPAT was $6.3M, impacted by a $6.5M provision for potential Victorian Stamp Duty exposure.

• Market share in in-force premium rose to 4.4% (from 3.7%), with gains in both direct and advised channels.

• Embedded AI and automation across the business to drive efficiency, improve underwriting, and support scalable growth.

Financial highlights

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

• New business grew 11% to $33.8M in six months, with over 10% market share in new sales.

• Lapse rates increased as the portfolio matures but remained below industry average at 12.4%.

• Direct in-force premiums surpassed $100M for the first time, reaching $103.5M, with underlying NPAT in the direct channel up 49% year-over-year.

• Net insurance premium revenue increased 21% to $71.6M.

Outlook and guidance

• Reaffirmed FY26 guidance: in-force premium growth expected to exceed 15% and underlying NPAT growth above 10% for the full year.

• Outlook supported by continued sales momentum, disciplined underwriting, and benefits from scale, automation, and digital investment.

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