NobleOak Life (NOL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with quorum present, directors and key executives introduced, and online participation enabled.

• Hybrid format allowed shareholders to join via Zoom, submit questions, and vote online or in person.

• Chairman Stephen Harrison and CEO Anthony Brown delivered opening addresses, outlining the agenda and formal business items.

• Agenda included addresses from the Chair and CEO, formal business, live voting, and Q&A sessions.

Financial performance review

• FY2024 saw strong in-force premium growth, exceeding guidance with a 22% year-on-year increase to over AUD 387 million.

• Underlying NPAT grew 19% to about AUD 15 million, while statutory NPAT declined due to one-off costs and provision changes.

• Investment income rose to AUD 11.7 million, aided by higher interest rates.

• Market share in direct sales reached 17%, with strategic partnerships driving 25% growth in advised business.

• Claims experience and margins remained stable, with 6% in-force premium growth through October 2024 and approximately 15% in-force premium growth expected in FY25.

Board and executive committee updates

• Andrew Gale appointed as non-executive director, standing for election alongside Andrew Boldeman and Sarah Brennan.

• Kevin Hamman, Deputy Chair, to retire at year-end; Chair Stephen Harrison to step down, with Sarah Brennan to succeed if re-elected.

• Board renewal highlighted, with directors bringing extensive experience in financial services and related sectors.