Simplified business focused solely on life insurance
Support FY26 Target Outcomes
Our Strategy
Key Highlights
• New business momentum, product and channel focus driving growth • New business up 34% to $33.7m • New business market share of 11.0% (up from 9.2% in FY23) • Gross premiums up 10% to $358.1m • In-force premiums up 10% to $373.9m • In-force (advice) market share of 3.5% (up from 3.2% in FY23) • Depth of life insurance expertise across organisation • Increased exposure to underwriting risk for new business from 1 October 2023 • Multi year IT and back-office investment : • Phase 1 - enhancement and build out of new technology platform and back- end functionality now completed – operational for new business • Phase 2 commenced - migration of existing (closed to new business) in-force policies onto new functional platform • Full exit from financial advice completed; significant progress in wealth exit • Life Underlying NPAT margin of 11.0% • Group Underlying NPAT from continuing operations up 25% to $35.3m • Life Insurance business to support double digit Underlying NPAT growth • Business is in a net capital generation position • Introduction of interim dividend fully franked (1.5 cps) paid in March 2024 • FY24 final dividend fully franked (1.7 cps) payable in September 2024 (brings total FY24 dividend to 3.2 cps at top end of payout ratio range) • Dividend range to be uplifted post completion of IT transformation investment and wealth management exit to 50%-70% of Underlying NPAT subject to the capital requirements of the business at the time.
• IT and back-office investment and operational efficiencies from new platform key part of FY26 targets • Operational efficiency benefits of technology investment to be achieved post completion of Phase 2 with target completion in 1H FY26 • Scale benefits, increased exposure to underwriting risk for new business, and operational efficiency from IT investment supports margin accretion (over time)
Simplified business model and transformation
Focus on being easy to do business with
In-force Premium Market Share
New Business Market Share 12%-14% $400m+ Gross Premiums
~4%
Driving business performance
Life Insurance Underlying NPAT Margin 11%-13%
Dividend Policy
40%-60% of Underlying NPAT
5
Powered by FlippingBook