NobleOak Life (NOL) H1 2026 earnings summary

Executive summary

• Achieved strong in-force premium growth to AUD 505 million (up 19% year-over-year), with underlying NPAT up 11% to AUD 9.6 million and new business growth of 11% to AUD 33.8 million.

• Market share in in-force premium rose to 4.4% (from 3.7%), with new business market share reaching 13.8%.

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

• Launched new products and partnerships, including alliances with nib and the Futura product with NEOS.

• Maintained a sound capital position within the target range, supporting ongoing growth.

Financial highlights

• In-force premiums grew 19% year-over-year to AUD 504.8 million, with new business up 11% to AUD 33.8 million and net insurance premium revenue up 21% to AUD 71.6 million.

• Underlying NPAT rose 11% to AUD 9.6 million; statutory NPAT was AUD 6.3 million, impacted by a provision for Victorian stamp duty exposure.

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

• Regulatory capital multiple at 174%, within the 140–190% target range.

• Lapse rates remained below industry average at 12.4% overall and 13.5% in the direct segment.

Outlook and guidance

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

• 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.

• Strategic focus on scaling new products, strengthening partnerships, and innovating in wealth.