By Digifin Pty Ltd · About this coverage
Key Points
- In-force premiums ex-Genus up 18% to $549.2m; new business sales up 9% to $69.2m
- Underlying NPAT up 15% to $21.1m; statutory reported NPAT up 98% to $14.1m
- Embedded value $2.34 a share at 31 Dec 2025, up 9%, on an 8.5% discount rate
- Capital adequacy multiple 183% at 31 Dec 2025, inside the 140-190% target range
- FY27 guidance: in-force premium growth above 12%, underlying NPAT growth above 10%
About NobleOak (ASX:NOL)
NobleOak Life Limited is an ASX-listed Australian life insurer headquartered in Sydney and regulated by APRA. It underwrites term life, income protection, trauma and total and permanent disability cover, selling directly to consumers through its own digital and telephone channels and also underwriting life risk products sold under partner brands through the adviser channel. Its business is conducted in Australia.
NobleOak Life Limited (ASX:NOL) reported its results for the 12 months ended 30 June 2026, with in-force premiums excluding Genus up 18 per cent to $549.2 million and new business sales up 9 per cent to $69.2 million; Genus in-force premiums were $23.6 million, down 1.0 per cent. Net insurance premium revenue rose 23 per cent to $146.5 million. Underlying net profit after tax, a management measure the company says is reconciled to statutory results in its full year financial report, grew 15 per cent to $21.1 million, while statutory reported NPAT rose 98 per cent to $14.1 million. NobleOak attributed the statutory movement largely to the prior year including larger one-off items, such as the tax impact of the RevTech trail commission acquisition, brand boost advertising, AASB 17 transition costs and the provision for potential Victorian stamp duty exposure. The group lapse rate was 12.5 per cent against 12.2 per cent in FY25 and the underlying gross insurance margin was 10.6 per cent against 11.5 per cent in FY25.
By segment, Direct in-force premiums rose 8 per cent to $108.2 million and Direct underlying NPAT grew 20 per cent to $10.8 million, with total Direct policies up 7 per cent to over 57,000. Strategic Partner in-force premiums rose 21 per cent to $440.9 million and segment underlying NPAT grew 11 per cent to $9.7 million; that segment's gross insurance margin was 0.5 percentage points below the prior year, which NobleOak said reflected higher-than-expected total and permanent disability claims experience, describing increased TPD claims as a market-wide phenomenon. Embedded value as at 31 December 2025 was $2.34 per share, up 9 per cent year-on-year, or $217.7 million, up 10 per cent, based on an 8.5 per cent discount rate, and the capital adequacy multiple was 183 per cent at the same date, within the company's target range of 140 to 190 per cent. For FY27 NobleOak guided to in-force premium growth of more than 12 per cent and underlying NPAT growth of more than 10 per cent, and said its transition from a friendly society to a life company remains on track for December 2027.
Source: NobleOak Life Limited (ASX:NOL), 28 August 2026. Summary content supplied by Digifin Pty Ltd.
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