NobleOak Life (NOL) H2 2026 earnings summary

Executive summary

• Achieved 18% growth in in-force premiums to AUD 549.2 million for FY26, with new business up 9% to AUD 69.2 million, outperforming industry averages and guidance.

• Underlying NPAT rose 15% to AUD 21.1 million, and reported NPAT increased 98% to AUD 14.1 million, reflecting improved operational efficiency and lower one-off costs.

• Embedded value per share grew 9% year-over-year to AUD 2.34, and has increased 53% since IPO; share price trades at a significant discount to embedded value.

• Market share increased to 4.7% overall, with direct segment sales market share at 12.3% and advised sales at 14.5%.

• Recognized as Life Insurance Company of the Year 2026, reflecting excellence in customer service, innovation, and industry leadership.

Financial highlights

• In-force premium grew 18% year-over-year to AUD 549.2 million; new business increased 9% to AUD 69.2 million.

• Lapse rate improved to 12.5%, outperforming the industry by 2.7 percentage points.

• Underlying NPAT rose 15% to AUD 21.1 million; reported NPAT up 98% to AUD 14.1 million.

• Underlying diluted EPS increased to 22.04cps; reported diluted EPS up to 14.77cps.

• Book value per share rose 9% to AUD 2.34, or 13% excluding the Victorian stamp duty provision.

Outlook and guidance

• FY27 targets: in-force premium growth above 12% and underlying NPAT growth above 10%.

• Growth supported by new partnerships, automation, AI investment, and expanding high-margin direct business.

• Transition to Life Company structure remains on track for completion by December 2027.