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FY26 Financial Results 28 August 2026
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2 Anthony Brown Chief Executive Officer Scott Pearson Chief Financial Officer 01 02 03 04 05 Who we are FY26 overview Financial results Strategy & outlook Q&A Agenda and presenters WINNER Life Insurance Company of the Year 2026 ANZIIF (Australian and New Zealand Institute of Insurance and Finance) is the leading professional association for the insurance and finance industry in the Asia -Pacific region, and its Life Insurance Company of the Year award recognises excellence across customer service, innovation, community impact, and industry leadership, celebrating the insurer that sets the highest benchmark for performance and professionalism. This was awarded to NobleOak on 13 August 2026.
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3 01 Who We Are
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NobleOak overview 4 One of Australia’s fastest-growing and most awarded direct life insurers (2019-2025) Financially protect Australian lives and wealth with integrity. Delivering full suite of life insurance products: Insurance term life, TPD, income protection, trauma, business expenses Genus Administration Administration business Run-off operations Direct Business Direct business ~57,000 policies in force Higher margin, lower cost channel APRA regulated friendly society $21.1m underlying NPAT +15% vs FY25 14.1%2 new business market share $69.2m New business +9% vs FY25 FY26 highlights $549.2m1 in-force premiums +18% vs FY25 Strategic Partnerships Tailored advised products >115,000 policies in force High growth portfolio 1. Excludes Genus 2. APRA data as at 31 December 2025 $14.1m NPAT +98% vs FY25
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CUSTOMER-FIRST CULTURE Industry-leading claims outcomes and award-winning customer service, built on 145+ years of heritage TECHNOLOGY ADVANTAGE Minimal legacy systems, AI adoption and technology investment delivering faster growth & operating efficiency ENHANCED STRUCTURE APRA-aligned Life Co structure will provide platform for capital efficient growth STRONG, INCREASING CASH FLOWS Stable margins and cash generation, with disciplined capital management and optionality Why NobleOak? 5 What sets NobleOak apart Predictable annuity revenue from in-force premiums Experienced leadership with track record Realising economies of scale to deliver margin expansion Scalable digital platform Embedded Value per share is a significant premium to current share price MULTIPLE GROWTH LEVERS Diversified growth strategy with ability to move into strategic adjacencies HIGH-GROWTH CHALLENGER BRAND One of Australia’s fastest-growing and most awarded direct life insurers (2019-2025) CLEAR PATHWAY TO $1BN IN-FORCE Rapid market share growth with ~10% market share in sight. Strong track record of in-force growth ASPIRATIONGROWTHFOUNDATIONS Investment highlights STRONG PARTNERSHIPS Leading capability in direct, white-label and alliance distribution, helping trusted brands grow
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Long-term value creation for a life insurance company A simple winning formula 1.3 2.2 3.4 5.8 7.0 9.5 12.6 15.0 18.3 21.1 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 4.1% 6.0% 9.5% 13.7% 16.1% 19.4% 16.2% 13.0% 13.2% 12.8% 12.9% 12.8% 13.8% 14.1% 0.7% 0.9% 1.2% 1.5% 1.9% 2.3% 2.5% 2.6% 3.0% 3.3% 3.7% 4.1% 4.4% 4.7% Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Sales market share (%) In-force market share (%) 22 37 60 110 182 255 316 387 464 549 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Direct ($m) Strategic Partner ($m) …drives market share and in-force premium growth… …with margin stability and operating leverage drive underlying NPAT growth Above market new business and better than market lapse rates… + + Underlying NPATIn-force premiumsMarket share growth
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Significant unrecognised value 7 NobleOak trades at a significant discount to Embedded Value 1.The Embedded Value (EV) figures presented are management estimates and should be viewed as indicative only. The EV has been developed using a number of assumptions regarding future experience, discount rates, and other actuarial inputs. Given the inherent uncertainty in the underlying inputs, these assumptions are subject to change. As such, the actual outcomes may differ materially from those projected in this valuation. This information should not be relied upon as a forecast or guarantee of future performance. 2. EV $ value grew by 10% in the 12 months, whereas EV per share grew 9% over the same period. Per share growth was lower due to share issued in FY25. Embedded value significantly outpacing share price Share price at 31 Dec 2025 was ~40% lower than EV / share Embedded value1 per share (Dec-25) has increased by ~53% since IPO, while the share price declined by ~28% over the same period, and further since. Key takeaways NobleOak EV of $217.7m or $2.34 per share reflects 9% year-on-year growth 2 (using 8.5% discount rate) EV growth was 13% Excluding the impact of Victorian stamp duty exposure. EV reflects value of existing business, implying upside from NobleOak's strong growth EV reflects significant premium to current share price $1.53 $2.16 $2.34 $1.95 $1.61 $1.41 Dec 20 Dec 24 Dec 25 Embedded value per share Share price
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8 02 FY26 overview
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Sales and lapse performance drive in-force and market share growth Executing growth strategy with new products and partnerships Disciplined underwriting delivering margin stability Sound capital position with net capital generation Embedding AI to improve conversion, drive sales growth and efficiency Transition to a Life Company from a Friendly Society 9 FY26 highlights Ongoing outperformance and strategic delivery Insert new image
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FY26 financial highlights 10 In-force growth and underlying NPAT delivered ahead of guidance 1. Excludes Genus 2. A reconciliation between Statutory NPAT to Underlying NPAT is provided on page 31 3. As at 30 June 2026. Market share calculated using APRA’s life insurance performance statistics. Data is available six months in arr ears. 4. Embedded Value at 31 December 2025 was $217.7m (including imputation credit) at a discount rate of 8.5% 4.1% above long-term target In-force market share3 4.7% Dec-25: 4.1% Underlying diluted EPS 22.04cps Reported diluted EPS 14.77cps New business market share3 14.1% Lapse rate1New businessIn-force premiums1 Underlying NPAT2 $549.2m +18% vs. FY25 $69.2m +9% vs. FY25 12.5% ~2.7ppts better than industry average $21.1m +15% vs. FY25 Reported NPAT $14.1m +98% vs. FY25 Regulatory capital multiple 183% Within target range Embedded Value4 $2.34 per share +9% vs. Dec 24 4.1% above long-term target
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11 03 Financial results
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5.9 8.9 10.8 8.3 8.7 9.70.8 0.7 0.6 15.0 18.3 21.1 FY24 FY25 FY26 Direct Strategic Partner Genus Group financial performance 12 $m FY26 FY25 Var In-force premiums at period end (ex-Genus) 549.2 464.2 +18% New business 69.2 63.7 +9% Lapse rate 12.5% 12.2% (0.3)ppts Net insurance premium revenue 146.5 119.1 +23% Underlying gross insurance margin 10.6% 11.5% (1.0)ppts Underlying Administration expense ratio 6.6% 7.2% +0.6ppts Investment return (% of insurance premium) 1.7% 1.6% +0.1ppts Underlying NPAT 21.1 18.3 +15% NPAT 14.1 7.1 +98% Underlying NPAT ($m) Key financial metrics1 1. Key metrics are presented on the way management analyses business performance. See the Statutory to Management Results Reconciliation Section in the Directors report in the financial report for the full year ended 30 June 2026 for more information. 2. APRA life insurance performance statistics, December 2025. Data is available six months in arrears. Sales and lapse performance drove strong market share growth – now 4.7% 2 In-force growth and underlying NPAT delivered ahead of guidance Key takeaways Margin stability benefiting from conservative risk retention and operating leverage Strong operational performance and RevTech acquisition drove 15% underlying NPAT growth Reported profit up 98%
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5.9 8.9 10.8 FY24 FY25 FY26 91.6 99.9 108.2 FY24 FY25 FY26 Direct Segment 13 In-force premiums ($m) Underlying NPAT ($m) Underlying administration expense ratio (%) Underlying gross insurance margin (%) 1. APRA life insurance performance statistics, December 2025. Data is available six months in arrears. Underlying NPAT margin (%) Key takeaways Strong underlying NPAT growth of 21% Strong profit growth boosted by repurchase of RevTech trail commissions 27.0% 31.2% 32.4% FY24 FY25 FY26 6.9% 9.5% 10.6% FY24 FY25 FY26 19.5% 19.8% 19.8% FY24 FY25 FY26 Lapse rate reduced to 12.7%, ~2.5% better than industry average Repurchase of RevTech trail has reduced commissions by $3.7m since acquisition Sales performance improved in H2 with new team and processes embedded
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295.2 364.4 440.9 FY24 FY25 FY26 Strategic Partner Segment 14 In-force premiums ($m) Underlying NPAT ($m) Underlying administration expense ratio (%) Underlying gross insurance margin (%) Underlying NPAT margin (%) 1. APRA life insurance performance statistics, December 2025. Data is available six months in arrears. Key takeaways Market share growth driven by strong partnerships with NEOS, PPS and launch of new Futura product Partnerships and new product driving growth 8.3 8.7 9.7 FY24 FY25 FY26 4.6% 4.7% 4.2% FY24 FY25 FY26 3.0% 2.5% 2.3% FY24 FY25 FY26 1.8% 2.6% 2.3% FY24 FY25 FY26 Strong growth driven by portfolio growth, effective repricing and robust investment returns across partner portfolio Underwriting margin impacted by industry-wide TPD claims experience
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Capital position 15 Well capitalised to fund growth and business investment Capital Adequacy Ratio1 within target range at 183% (Target Range 140% to 190%) Balance sheet remains strong as capital generation supports business growth Capital generation boosted by RevTech trail repurchase and utilisation of tax losses, offset by Capital used for Victorian Stamp Duty Provision and RevTech trail acquisition Victorian Stamp Duty Exposure capped and lower as Victoria SRO has granted in-principle ex- gratia relief for premiums paid from 1-Jan-25 to 30-Jun-25 Key takeaways 0 5 10 15 20 25 30 35 40 FY23 FY24 FY25 FY26 Capital Generation Capital Usage RevTech acquisition VIC Stamp Duty Provision Capital base $66.7m Capital adequacy multiple 183% Assets above target $13.0m VIC Stamp Duty Provision 1 = Capital Adequacy Ratio = Total APRA Capital Base / APRA Prescribed Capital Amount
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16 04 Strategy & outlook
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AI, data and sales technology improving quality, productivity and conversion 17 AI in action: a smarter, more scalable Direct Sales engine 1 Data foundation One integrated platform 2 AI embedded In everyday operations 3 Predictive optimisation Models now commenced 4 Scaling value creation Next stage Centralised on Fabric (Microsoft) • Sales and customer data on one platform. Provides 360 view of customer. • Integrated foundation for CRM, dialler, analytics and AI ONE DATA FOUNDATION 100% AI-enabled call QA • Every sales call quality assured using AI • QA headcount unchanged for three years AI-ready dialler • New dialler automation implemented and optimised • Built to integrate with AI models & agents Smarter lead decisions • Prioritise by likelihood, value, channel & timing (lead scoring) • Align rosters to predicted customer demand Conversion optimisation • Identify customer drop-off points • Reduce friction across quote & digital journeys Intelligent prioritisation • Roster optimisation from propensity modelling Automated re- engagement • Target abandoned quotes & applications Continuous optimisation • Improve customer journeys in digital channel and automated assistance 100% of calls QA reviewed +18% contact rates since May 2026 +2 ppt conversion uplift Scalable growth without proportional headcount FROM AI PILOTS TO A PREDICTIVE, MORE EFFICIENT AND SCALABLE DIRECT SALES ENGINE • Customer AI agents built for FAQs and communications drafting • Automated and analysed daily reporting • Automated UW report preparation to increase speed and reduce time
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FY27 outlook & value drivers 18 Disciplined and momentum continues towards achieving our $1bn in-force premium target >12%In-force premium growth >10%Underlying NPAT growth PROFIT GROWTH Grow in-force premium through higher-margin direct business and strategic partnerships AI & TECHNOLOGY LEADERSHIP Leverage AI and technology to improve productivity & scale, reduce cost, & enhance customer experience CAPITAL DISCIPLINE Maintain a strong balance sheet, support ongoing growth and increase net capital generation EMBEDDED VALUE GROWTH Build long-term shareholder value through disciplined, quality new business and customer retention Transition to Life Company on track for December 2027, supporting future growth, capital efficiency, & flexibility LIFE COMPANY TRANSITION
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Clear pathway to $1bn in-force NobleOak in-force premium ($m) 10% share of $11bn individual life risk market Strong platform established with diversified growth opportunities ahead 0 200 400 600 800 1,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 Growth phases 19 Growth profile Powered by modern technology Powered by AI and automation ESTABLISH a platform for growth SCALE in core markets DIVERSIFY into strategic adjacencies LEADING CHALLENGER in life insurance FY26 $549m
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20 05 Q&A
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21 Appendix
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Anthony R Brown CEO and Director CEO of NobleOak since 2012, with significant experience across marketing, strategy, operations and distribution. Previously COO at AMP Capital, Head of Marketing at Promina/Suncorp, following roles at CCH Australia and KPMG. Scott Pearson Chief Financial Officer CFO of NobleOak since 2019, significant financial services experience across life insurance, general insurance, health insurance, and reinsurance. Previously Head of Finance at RGA Australia, CFO at Avant Mutual Group, Deputy CFO/Head of Group Finance & Reporting at MBF. Ruvimbo Tagwira Chief Risk Officer Ruvimbo has more than 20 years’ experience spanning insurance, superannuation, asset management and consulting across Australia and Africa. She has held executive leadership roles including Chief Risk Officer, Chief Financial Officer and General Manager, with responsibility for risk management, strategy, capital management, regulatory engagement, business transformation and board governance. Amanda Underwood General Counsel and Company Secretary Amanda is an experienced financial services lawyer with over 25 years’ experience covering insurance, disputes, governance, M&A and regulatory matters. Amanda holds a Bachelor of Laws and Bachelor of Arts from the University of Sydney and is an Associate of the Governance Institute of Australia. Cathy Doyle Chief People Officer With 25 years in Executive and Board roles, Cathy brings experience from Symbio, ParaFlare, Rabobank, McDonald’s Australia, BNP Paribas, CBA and Qantas. She is a GAICD and AIST graduate, and a founding Board Member of the International Women’s Forum Australia and former Chair of Odyssey House. Gary Bailison Chief Operating Officer 20 years’ industry experience, previously GM Product and Propositions for Integrity Life, CTO and Head of Individual Insurance with MetLife Australia and Head of Retail Product and Pricing for Comminsure. Alisha Jones Head of Insurance Nearly 20 years’ financial experience, with an actuarial background and having since developed deep expertise across reinsurance, pricing, product development, business development, risk, and capital management. Martin Paino KPMG Appointed Actuary KPMG-appointed Appointed Actuary, bringing over 20 years of experience in insurance and superannuation, including 10+ years as a Partner. Provides actuarial advice to life insurers, with expertise in M&A due diligence, capital management, financial reporting, and risk management. Andrew Katon Chief Actuary Andrew has more than 20 years' experience in the life insurance industry spanning actuarial, finance, risk and executive leadership roles. He joined NobleOak in March 2026 as Chief Actuary. Management Team with Strong Execution Capability Deep experience across actuarial, customer, sales, technology and financial services 22
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EV combines adjusted net worth with the present value of expected future profits distributable to shareholders from existing business, and is comprised of three key elements: 1. Value of in-force business (VIF) 2. Adjusted net worth2 3. Value of imputation credits NobleOak EV of $217.7m or $2.34 per share (using 8.5% discount rate) reflects +10% growth in $ EV, and +9% year-on-year growth per share including share issued in the 12 months Excluding the impact of Victorian stamp duty exposure, EV growth was 13% NobleOak’s Embedded Value (EV)1 23 9% year-on-year growth to $2.34 per share reflects significant premium to current share price 1. The Embedded Value (EV) figures presented are management estimates and should be viewed as indicative only. The EV has been developed using a number of assumptions regarding future experience, discount rates, and other actuarial inputs. Given the inherent uncertainty in the underlying inputs, these assumptions are subject to change. As such, the actual outcomes may differ materially from those projected in this valuation. This information should not be relied upon as a forecast or guarantee of future performance. 2. Adjusted Net worth = Assets in excess of regulatory target capital less the book value the subsidiaries (Genus) as the embedded value of Genus business is included in the value of in-force business. 3. Calculated using share count as at 31 December 2025 92,943,520 (Dec-26, 91,692,652) 4. The risk discount rate is 8.5% and reflects the risk-free rate + 4% risk margin EV reflects the present value of future distributable profits from existing business only, implying valuation upside from NobleOak’s strong growth trajectory 31-Dec-25 $m 31-Dec-24 $m Change Discount rate applied4 7.5% 8.5% 9.5% 8.5% @8.5% Risk margin included 3.0% 4.0% 5.0% Value of business in-force (VIF) 203.7 191.2 180.1 172.8 +11% Adjusted net worth 3.2 3.2 3.2 3.1 Embedded Value (excl. imputation credits) 206.9 194.4 183.4 175.9 +11% Value of imputation credits 25.0 23.3 21.7 21.7 Embedded Value (incl. imputation credits) 231.9 217.7 205.1 197.6 +10% EV per share (excl. Imputation credits)3 $2.23 $2.09 $1.97 $1.92 +9% EV per share (incl. Imputation credits)3 $2.50 $2.34 $2.21 $2.16 +9%
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Embedded Value explained 24 Embedded Value (EV) estimates the present value of future profits distributable to shareholders, from existing business. It provides information to assist in forming a long-term view of shareholder value, and can be used to: o Measure management performance over time. o Evaluate the value of the business for internal and external stakeholders. EV is not designed to measure short-term profitability or cash flow. Instead, it focuses on the long-term value expected to be delivered to shareholders. Because EV relies on a range of assumptions and judgements, it can be sensitive to changes in factors such as: • How expenses are allocated and expected to reduce over time. • How claims experience develops over time. • How policies run-off (lapse experience). • The discount rate (required return) used in the valuation.
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Key drivers of EV1 growth 25 9% year-on-year growth to $2.34 per share reflects significant premium to current share price 1. The Embedded Value (EV) figures presented are management estimates and should be viewed as indicative only. The EV has been developed using a number of assumptions regarding future experience, discount rates, and other actuarial inputs. These assumptions are inherently uncertain and subject to change. As such, the actual outcomes may differ materially from those projected in this valuation. This information should not be relied upon as a forecast or guarantee of future performance. 197.6 14.6 3.4 6.2 1.6 223.4 (5.7) 217.7 EV - 31 Dec 2024 Expected gain on in-force Value of New business added Experience and Assumption changes Movement in Imputation Credits EV - SubTotal 31 Dec 2025 Vic Stamp Duty Provisions EV - 31 Dec 2025 Embedded Value Movement ($m) (including Imputation Credit at 8.5% Discount Rate)
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Free cash flow from operations Assess capital generation, current position and forward projections relative to the Target Capital Range Apply capital allocation filters Assess deployment options against principles and rules to determine optimal capital allocation Capital Management Framework Capital Management Framework Target Capital Range Additional business investment Returns to shareholders2 Reinvest capital to support strategy and drive accretive growth Return capital via dividends or buy-backs Deploy available capital above target buffer 26 Capital Deployment Principles Disciplined framework to deliver accretive growth and maximise shareholder value Preserve strategic flexibility Maintain reserves to adapt to future opportunities and risks, while supporting a sustainable dividend policy Balance risk and return Evaluate capital decisions through a risk-adjusted lens to protect downside risk Maximise efficiency Prioritise high-ROI and cost-leveraging investments Maximise shareholder value Balance reinvestment with shareholder returns to reinforce NobleOak’s growth-focused strategy Strengthen customer advantage Invest in customer experience, innovation and strategic differentiators to maintain competitive advantages Above target range Target range Target buffer PCA1 >190% PCA 140% PCA 100% PCA Maximum capital options Limited capital options 1. APRA prescribed capital amount. 2. Where attractive reinvestment opportunities meeting our internal return thresholds are not immediately available, and there is no requirement to preserve or utilise capital for strategic purposes, the Board will consider returning excess capital to shareholders through dividends or on -market buy-backs, while preserving flexibility to pursue strategic initiatives over time. The NobleOak Board currently believes the best returns on capital in the near term will be achieved by reinvesting operating cash flows into the business to support it s ongoing growth and Life Company transition.
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Transition to Life Company structure 27 Will deliver long-term capital efficiency, flexibility and governance benefits Transition from Friendly Society to Life Company Involves replacing multiple benefit funds with single statutory fund LifeCo structure offers greater flexibility, scale and capital efficiency Expect 2 year implementation with $6m total investment, and 3-4 year payback period Capital likely to be retained and invested in business during transition Key benefits: Capital More cost-effective capital structure, to support growth Flexibility Greater product flexibility and speed to market with no APRA approval required for future product changes Alignment Stronger alignment with industry practice, improving credibility with investors and stakeholders Governance Enhanced governance and risk management under a single statutory framework
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Continued progress on our ESG commitments 28 ESG Measure Key Metrics & Target/s By When UN SDG Comments Environment Climate change Carbon emissions - Net zero by 2030 30 Jun 2030 13, 15 We continue to progress towards our net zero emissions target by 2030. The Company is reviewing its approach to emissions reduction initiatives and the use of carbon credits in light of evolving market conditions, regulatory guidance and industry developments. Social Workplace multicultural diversity Team members from diverse cultural backgrounds outside of Australia – 40% of team members from diverse cultural backgrounds outside of Australia Ongoing 3, 5 53% of employees identify with an ethnicity from outside Australia Workplace gender diversity 40/40/20 gender mix Ongoing 5, 10 52% of employees identify as female Leadership gender diversity Executive Committee 40/40/20 gender mix1 Ongoing 5, 10 38% of Senior leaders identify as female Human rights & Modern Slavery Commitment to Human Rights and prevention of modern slavery Ongoing 1, 3, 10 Modern slavery controls are embedded in NobleOak's procurement and supplier management processes. NobleOak continues to review its broader human rights governance framework Governance Board diversity Board 40/40/20 gender mix Ongoing 5, 10 As at the date of this report, the Board compromises two female directors and four male directors, representing a gender composition of 33.3% female and 66.7% male Ethical standards Score all employees on cultural adherence, including nobility/integrity – Culture included in shared OKRs Ongoing 9, 12 Employee survey includes questions on social connection, business culture, purpose, leadership and values. Our performance and recognition processes also incorporate values. Linking Environment & Social with Executive remuneration Incorporate culture/values measures in each manager’s STI – Culture included in shared OKRs Ongoing 8, 17 Shared Culture OKR is held by the Executive Committee and includes eNPS, purpose, leadership, engagement and employee retention. All other leaders have a team specific culture leadership OKR. [1] 40% female-identifying; 40% male-identifying; 20% of any gender.
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Consolidated income statement 29 Statutory Reported and Underlying results reconciliation (using management Analysis) Management Analysis Variance $’000 FY26 FY25 % Insurance premium 532,597 451,132 18% Reinsurance premium (386,098) (332,070) 16% Net insurance premium 146,499 119,062 23% Net claims expense (38,274) (31,137) 23% Net commissions and other income 3,280 7,108 -54% Policy acquisition cost (57,360) (51,046) 12% Change in net policy liabilities (865) 3,458 -125% Insurance Profit 53,280 47,445 12% Administration expense (41,723) (39,201) 6% Insurance operating profit 11,557 8,244 40% Net investment income 8,808 7,177 23% Profit before tax 20,365 15,421 32% Income tax expense (6,258) (8,305) -25% NPAT 14,107 7,116 98% Recurring Adjustments: Addback: impact of policy liability economic assumption changes (post tax) (2,994) 2,545 Addback: impact of changes in onerous contract provisions (post tax) 5,399 632 Non-Recurring Adjustments: Addback: AASB17 Implementation expense (post Tax) 382 Addback: Product development expenses (post tax) 1,175 1,056 Addback: Corporate transaction and project expenses (post tax) Addback: Scale Up Media Brand related expenses (post tax) 1,333 864 1,069 Addback: Provision for exposure to Victorian Stamp Duty (post tax) Addback: Tax on RevTech Trail Commission Acquisition 2,030 1,575 3,084 Underlying NPAT 21,050 18,323 The profit or loss statement above is presented in a format aligned with how management analyses the business’s performance. This approach evaluates the insurance operating result through components such as net insurance revenue, net claims, net commission and other income, policy acquisition costs, changes in policy liabilities, and expenses. These elements help explain the key drivers of the Group’s operating result and support the calculation of key metrics. An analysis of the nature of income and expenses within the insurance operating result offers valuable insights into underlying trends across the different components of underwriting profitability. A reconciliation between the statutory presentation and the management analysis is provided in the Directors’ Report within the Full Year Report for the period ended 30 June 2026.
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Financial strength 30 Sound capital position above regulatory requirements $m / % 30 Jun 2026 31 Dec 2025 Capital base – (a) 66.7 53.4 Prescribed capital amount - (b) 36.4 30.7 Capital adequacy multiple % (a)/(b) 183% 174% Target capital (incl. management buffer) - (c) 53.7 47.0 Assets in excess of target (a) – (c) 13.0 6.4 Commentary Investments Primarily held in term deposits and an Australian dollar denominated fixed income fund. Claims settled by reinsurers on actuarial reserve basis represent $ 166.0m (Jun-25: $31.1m) Deposit Back assets held to secure reinsurance assets exposures nil (Jun- 25: $100.3m) Policy liabilities Reinsurance contract assets are reduced by claims settled by reinsurers on actuarial reserve basis represent $166.0m (Jun-25: $31.1m) Intangible assets Includes $1.6m (Jun-25: $1.9m) amortised cost of acquiring A&G run-off portfolio Deferred tax assets Include $0.4m (Jun-25: $8.6m) deferred tax loss asset Payables Includes nil (Jun-25: $100.3m) payable to reinsurers under deposit back arrangement supporting reinsurance asset concentration exposures Dividend No dividend declared in line with stated intention to invest for growth Capital adequacy Sound capital adequacy multiple $m 30 Jun 2026 30 June 2025 Assets Cash and cash equivalents 79.8 85.5 Receivables 3.5 3.3 Insurance contract assets 84.4 102.8 Reinsurance contract assets 154.3 103.4 Investments 323.5 252.1 Plant and equipment 0.3 0.3 Right-of-use assets 3.1 4.0 Intangible assets 2.0 2.8 Deferred tax asset 4.7 13.2 Total assets 655.6 567.3 Liabilities Payables 9.5 113.1 Insurance contract liabilities 330.4 216.0 Reinsurance contract liabilities 200.3 140.0 Lease liabilities 3.8 4.6 Provisions 8.0 4.7 Total liabilities 552.0 478.4 Net assets 103.5 88.9 Equity Issued capital 106.7 106.4 Accumulated losses 1.7 1.6 Other reserves (4.9) (19.0) Total equity 103.5 88.9 Balance sheet at 30 June 2026 Capital adequacy
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Management result 31 NobleOak’s management reporting framework Highlights • Statutory and Management Analysis to be provided together • Insurance Operating Profit converted from Statutory Reported to Management analysis • Reconciliation provided for transparency AASB17 Statutory Profit and Loss Statement Management For the Year Ended 30 June 2026 $m Insurance revenue 506.1 Insurance service expenses (518.8) Reinsurance expenses (364.7) Reinsurance income 407.3 Insurance service result 29.9 Net finance income on insurance and reinsurance contracts 2.3 Fees & other revenue 4.0 Other operating expenses (24.6) Insurance operating result 11.6 Management analysis of operating profit Insurance premium revenue 532.6 Reinsurance expenses (386.1) Net insurance premium revenue 146.5 Net claims expense (38.3) Net commissions and other revenue 3.3 Policy acquisition costs (57.4) Change in net policy liabilities (0.9) Insurance profit 53.3 Administration expenses (41.7) Insurance operating profit 11.6 Net investment income 8.8 Profit before tax 20.4 Income tax expense (6.3) Profit after tax 14.1 Net insurance premium Net claims Net commission and other income Acquisition Costs Change in net policy liabilities AASB 17 Statutory Reported Profit & Loss Statement For the Year Ended 30 June 2026 ($m) Statutory Expenses Insurance Revenue 506.1 532.6 (69.9) (20.8) 64.3 Insurance Service expenses (518.8) (270.2) (112.1) (36.6) (17.1) (82.9) Reinsurance expenses (364.7) (386.1) 80.7 (59.3) Reinsurance income 407.3 232.0 100.6 74.7 Insurance Service Result 29.9 146.5 (38.3) (0.7) (57.4) (17.1) (3.2) Net insurance finance income 2.3 2.3 Other operating expenses (24.6) 0.0 (24.6) Fees & other revenue 4.0 4.0 Insurance Operating Profit 11.6 146.5 (38.3) 3.3 (57.4) (41.7) (0.9)
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32 Expected gain on in-force Expected gain on in-force reflects the unwinding of the 8.5% discount rate applied to opening Embedded Value. Value of New business (VNB) NobleOak achieved new business market share of 14.1% in the twelve months to 31 December 2025, compared with in-force premium market share of 4.7% at that date. Continued strength in new business market share supports future growth in the in- force business. A positive value of new business indicates returns on new business written during the period exceeded the 8.5% discount rate. The estimated return on new business was approximately 10%. Experience and Assumption Changes Key experience items and assumption changes included: Experience items (+$2.8m): mainly higher-than-expected investment income, partly offset by one-off expenses associated with Wealth Maximiser and the Transition to Life Company project. Assumption changes (+$3.4m), comprising: • Expenses (+$4.1m): lower administration expense ratios increased Embedded Value as the business benefited from economies of scale. • Pricing net of other assumption changes (-$0.7m): updates to product assumptions (including higher claims) and pricing responses resulted in a modest reduction in Embedded Value. Movement in Imputation Credits The movement in imputation credits primarily reflects the overall movement in the Value of business in-force. EV – SubTotal - 31 Dec 2025 Excluding the impact of the Victorian stamp duty provision, Embedded Value growth during the period was 13%. Vic Stamp Duty Provisions This item represents the estimated one-off impact on Embedded Value of the Victorian stamp duty provision recognised in the period Embedded Value Movement Analysis
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Important notice and disclaimer 33 CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY Forward-looking statements This presentation may contain statements that are, or may be deemed to be, forward -looking statements. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidanc e‘, ‘forecast’ and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward -looking statements. Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are outside the control of NobleOa k Life Limited ACN 087 648 708 (NOL). No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, and NOL assumes no obligation to update such statements. No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information contained in this presentation. Past performance Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as (a nd is not) an indication of future performance. Information is not advice This presentation is not, and is not intended to constitute, financial advice, or an offer or an invitation, solicitation or recommendation to acquire or sell NOL shares or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement, disclosure document or other of fering document under Australian law or any other law. This presentation also does not form the basis of any contract or commitment to sell or apply for securities in NOL or any of its subsidiaries. It is for information purposes only. NOL does not warrant or represent that the information in this presentation is free from errors, omissions or misrepresentations or is suitable for your intended use. The information contained in this presentation has been prepared without taking account of any person’s investment objectives, financial situ ation or particular needs and nothing contained in this presentation constitutes investment, legal, tax or other advice. The information provided in this presentation may not be s uitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, NOL accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error in, omission from or misrepresentation in this presentation. Preparation of information All financial information has been prepared and reviewed in accordance with Australian Accounting Standards. Certain financia l data included in this presentation is ‘non-IFRS financial information’. In particular, this presentation contains references to the following non-IFRS measures: Underlying NPAT and Underlying Gross Insurance Margin. The Company believes that this non-IFRS financial information provides useful insight in measuring the financial performance and con dition of NOL. Readers are cautioned not to place undue reliance on any non-IFRS financial information including ratios included in this presentation. These measures have not bee n subject to audit or review.
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Important notice and disclaimer (continued) 34 CONTENT OF PRESENTATION FOR INFORMATION PURPOSES ONLY Presentation of information The financial data in this presentation is provided on a statutory basis but in a non -statutory presentation format (unless otherwise stated). Currency: all amounts in this presentation are in Australian dollars unless otherwise stated. Financial years: FY refers to the full year to 30 June, 1H refers to the six months to 31 December, and 2H refers to the six months to 30 June. Rounding: amounts in this document have been rounded to the nearest reported whole unit (unless otherwise stated). Any differences betw een this document and the accompanying financial statements are due to rounding. Third party information and market data The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, reliability, adequacy or completeness of the information. This presentation should no t be relied upon as a recommendation or forecast by NOL. Market share information is based on management estimates except where explicitly identified. No liability or responsibility This presentation contains general information about NOL's activities at the date of presentation. It is information given in summary form and does not purport to be complete. To the maximum extent permitted by law, NOL and each of its subsidiaries, affiliates, directors, employees, officers, partner s, agents and advisers and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation, any liability a rising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation. N OL accepts no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this presentation, which may affect any matter referred to in this presentation. This presentation should be read in conjunction with NOL’s other periodic and continuous disclosure announcements lodged with ASX. In particular, this presentation forms part of a package of information about NOL. It should be read in conjunction with NOL's Appendix 4E, FY26 Financial Report, and results announcement. The information in this presentation remains subject to change without notice. Circumstances may change and the contents of t his presentation may become outdated as a result. Authorised by the Board of NobleOak Life Limited