NobleOak Life (NOL) H1 2025 earnings summary

Executive summary

• Achieved 20% year-over-year growth in in-force premiums to $423 million, with market share rising to 3.7% and new business up 15% to over $30 million.

• Underlying NPAT increased 11% to $8.7 million, with underlying diluted EPS at 9.7cps; reported NPAT rose 184% to $8.3 million due to favorable economic assumption changes.

• Strategic partner and direct channels both contributed to growth, supported by investments in technology, product innovation, and customer experience.

• Acquisition of RevTech Media's FiftyUp Club platform completed, providing access to 480,000 members and expected to be value accretive.

• Maintained strong capital position with a regulatory capital adequacy multiple of 194% and $6.3 million surplus above target.

Financial highlights

• In-force premiums grew 20% year-over-year to $423 million; new business up 15% to $30.4 million; market share at 3.7%.

• Lapse rate at 11.6%, 3.8 percentage points below industry average.

• Net insurance premium revenue up 19% to $58.2 million; underlying NPAT up 11% to $8.7 million.

• Underlying gross insurance margin at 11.6%; administration expense ratio at 7.3%.

• Investment returns (pre-fees) increased to $6.0 million, with average return on invested assets at 4.6%.

Outlook and guidance

• On track to meet guidance of 15% annual in-force premium growth for FY25, outpacing expected market growth of 5%.

• Ongoing investment in digital transformation, brand, and product innovation to drive growth and customer retention.

• Capital position supports organic and inorganic growth, with potential for future dividends.

• Regulatory changes (CPS 230, FAR) and industry reforms anticipated to benefit the direct model and open new opportunities.