FY24 Group result – AASB 17 basis
FY24 result reflects increased rates, strong revenue growth and positive business momentum. Life insurance business performance expected to continue to support double digit Underlying NPAT growth as previously communicated
Underlying NPAT by Segment, $M
FY24 FY23 4
% 1
Continued growth in FY24: • New Business up 34% to $33.7m • In force premiums up 10% to $373.9m • Group Underlying NPAT from continuing operations up 25% to $35.3m • Life Underlying NPAT margin of 11.0% • Performance driven by strong new business volumes, inflation linked premiums, higher interest rates and positive lapse experience, offset by adverse income protection and TPD claims experience Wealth management business continues to be treated as a discontinued operation: • Significant progress made in exit in FY24 with retirement as trustee (December 2023) and sale of investment management business (January 2024) with proceeds of $4.9m (loss on sale of $2.1m) Sale of 24.4% interest in Centrepoint Alliance: • Full exit from financial advice via sale of equity interest in November 2023 with proceeds of $15.2m (gain on sale of $2.2m) Exit of wealth management and financial advice aligned to core focus of being a life risk insurance provider
Life insurance
39.5 (4.2) 35.3
32.2 (3.9) 28.2
23% 10% 25%
Listed/Group costs
Group Underlying NPAT from continuing operations 3
Financial advice – interest in Centrepoint Alliance
2.8
0.7 Large
Wealth management – discontinued operation
(4.6) 33.5
(2.7) 26.2
Large
Group Underlying NPAT
28%
Key financial metrics, $M unless otherwise stated
FY24 FY23
% 1
New business
33.7 374
25.2 339
34% 10%
In-force premiums
Life Underlying NPAT margin 2 (%)
11.0% 9.9% +110bps
1.
% change FY23 to FY24
2. FY23 Underlying NPAT margin restated to 9.9% (from 9.7%) to remove impacts on Underlying NPAT from changes in claims assumptions in FY23 to ensure consistency between periods 3. A reconciliation of statutory profit to Group Underlying NPAT from continuing operations is provided on Slide 16 4. FY23 restated on AASB 17 basis. FY23 Group Underlying NPAT from continuing operations restated from $27.5m due to changes in claims assumptions in FY23 to ensure consistency between periods
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