NobleOak delivers strong FY26 result with underlying NPAT up 15%
In its FY26 full year results presentation, dated 28 August 2026, NobleOak Life reported in-force premiums and underlying net profit after tax (NPAT) delivered ahead of guidance, capping a year the company described as ongoing outperformance.
The results were presented by Chief Executive Officer Anthony Brown and Chief Financial Officer Scott Pearson. Headline figures included in-force premiums of $549.2m (+18%), underlying NPAT of $21.1m (+15%) and reported NPAT of $14.1m (+98%).
The update followed NobleOak’s recognition as ANZIIF Life Insurance Company of the Year 2026 on 13 August 2026, a credibility marker within the sector. Management framed the result as growth ahead of guidance in a defensive, annuity-style revenue business.
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FY26 financial results at a glance
Management outlined a set of headline metrics reflecting in-force growth, expanding premium revenue and a step-up in reported profitability. The table below summarises the group’s key financial results for FY26 against the prior year.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| In-force premiums (ex-Genus) | $549.2m | $464.2m | +18% |
| New business | $69.2m | $63.7m | +9% |
| Net insurance premium revenue | $146.5m | $119.1m | +23% |
| Underlying NPAT | $21.1m | $18.3m | +15% |
| Reported NPAT | $14.1m | $7.1m | +98% |
What drove the result
Management attributed the performance to a combination of sales and lapse outperformance, disciplined underwriting and the contribution from the RevTech trail commission repurchase.
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Sales and lapse performance drove market share growth to 4.7% in-force share.
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A lapse rate of 12.5%, approximately 2.7ppts better than the industry average.
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New business market share of 14.1%, some 4.1ppts above the long-term target.
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The RevTech trail commission repurchase reduced commissions by $3.7m since acquisition, supporting the underlying NPAT lift.
Reported NPAT rose 98% to $14.1m, and underlying NPAT growth of 15% was driven by strong operational performance and the RevTech acquisition.
The two engines: Direct and Strategic Partnerships
Management highlighted the group’s two operating segments as its twin growth levers, each contributing to in-force and market share expansion during the year.
Direct business
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Around 57,000 policies in force in this higher-margin, lower-cost channel.
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Sales improved in the second half as a new team and processes embedded.
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The lapse rate reduced to 12.7%, approximately 2.5% better than the industry average.
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Underlying NPAT growth of 21%.
Strategic Partnerships
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More than 115,000 policies in force in this high-growth portfolio.
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Growth was driven by partnerships with NEOS and PPS, and the launch of the new Futura product.
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The result was supported by portfolio growth, effective repricing and robust investment returns.
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Underwriting margin was impacted by industry-wide total and permanent disability (TPD) claims experience.
Understanding Embedded Value: the discount the market is missing
Management positioned Embedded Value (EV) as a central measure of long-term shareholder value, and one the company suggested is not fully captured in the current share price.
What is Embedded Value?
Embedded Value estimates the present value of future profits distributable to shareholders from the existing book of business. It is a long-term value measure rather than a short-term profit or cash flow figure.
The company noted EV relies on management assumptions, including discount rate, lapse and claims experience, and is indicative only. Per the source disclaimer, it should not be relied upon as a forecast or guarantee of future performance.
The valuation gap
The standout data point from the presentation was the scale of the gap between EV and the market price.
NobleOak’s Embedded Value reached $217.7m, or $2.34 per share (using an 8.5% discount rate) at 31 December 2025, up 9% per share year-on-year, described by management as a significant premium to the current share price.
Management noted that EV per share has risen approximately 53% since IPO, while the share price declined approximately 28% over the same period. Excluding the impact of Victorian stamp duty exposure, EV growth was 13%.
Because EV reflects the existing business only, management argued it implies valuation upside from future growth not yet captured. These figures remain management estimates and are indicative only.
Capital strength and the AI-powered growth engine
A sound capital position
The presentation detailed a capital base of $66.7m and a capital adequacy multiple of 183%, within the target range of 140% to 190%. Assets above target stood at $13.0m.
No dividend was declared, consistent with the company’s stated intention to reinvest operating cash flows into growth.
The company also noted its Victorian stamp duty exposure was capped and lower after Victoria’s State Revenue Office granted in-principle ex-gratia relief for premiums paid from 1 January 2025 to 30 June 2025.
Victorian stamp duty relief secured in July 2026 capped the company’s exposure below the $6.5 million provision held at 31 December 2025, with any revision to that provision flowing through to the FY26 accounts presented today.
AI scaling the direct sales engine
Management outlined AI as a tangible efficiency lever within the direct sales channel, reporting measured results rather than aspirational claims.
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100% of sales calls are now AI quality-assured, with quality assurance headcount unchanged for three years.
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Contact rates up +18% since May 2026.
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A conversion uplift of +2 ppt.
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The platform is centralised on Microsoft Fabric, enabling scalable growth without proportional headcount increases.
Strategy and outlook: the pathway to $1bn in-force
Management closed the presentation on forward momentum, reaffirming FY27 guidance and the strategic priorities intended to sustain growth.
FY27 guidance
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In-force premium growth: >12%
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Underlying NPAT growth: >10%
Strategic priorities
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Grow in-force premium through higher-margin direct business and strategic partnerships.
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Build Embedded Value through disciplined, quality new business and customer retention.
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Extend AI and technology leadership to improve productivity and scale.
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Maintain capital discipline and grow net capital generation.
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Complete the Life Company transition, on track for December 2027, representing a $6m total investment over approximately two years, with a 3 to 4 year payback and delivering capital efficiency, product flexibility and governance benefits.
The Life Company transition involves moving from a Friendly Society structure, replacing multiple benefit funds with a single statutory fund. Management positioned the FY26 result as a platform toward the aspirational $1bn in-force premium target, underpinned by diversified growth levers across the direct and partnership channels.
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