OUTsurance Group (OUT) investor relations material

Executive summary

• Achieved strong organic premium growth across core markets despite low premium inflation and macroeconomic headwinds, with notable contributions from South Africa, Australia, and Ireland.

• Operating profit increased by 30.3% year-over-year, driven by improved claims outcomes and cost discipline.

• OUTsurance South Africa delivered robust profit growth and underwriting results; Youi's performance was dampened by elevated natural peril claims.

• OUTsurance Ireland showed strong premium growth but remains in expected loss phase, with operating losses peaking as anticipated for a new market entrant.

• Strategic focus remains on organic growth, cost efficiency, and system modernization.

Financial highlights

• Normalized earnings rose 18.5% to ZAR 5.6 billion; normalized EPS up 18.3%.

• OUTsurance Holdings normalized earnings up 20.9% to ZAR 6 billion.

• OUTsurance South Africa operating profit up 62.4% to ZAR 5.09 billion.

• Youi operating profit down 6.5% to ZAR 2.8 billion due to natural perils.

• OUTsurance Life operating profit declined 7.1%, but value of new business grew 41.5%.

Outlook and guidance

• Large runway for growth in core direct markets due to low market shares and operational momentum.

• OUTsurance Ireland expected to reach monthly break-even by FY2029, with further scaling in FY2027.

• Continued cost efficiency and systems modernization targeted for further operational gains.

• Reinsurance attachment points unchanged, supporting improved earnings volatility profile.

• Strategic simplification ongoing, including planned disposal of Polar Star and potential OHL roll-up.