Australia:Life insurer NobleOak eyes IPO

Life insurer NobleOak, which is eyeing an initial public offering, expects to have A$172.1m ($132.7m) in in-force premiums and report a A$6m profit in its first year as an ASX-listed company.

NobleOak has told potential investors it expects to have A$55.2m in direct in-force premiums in the 2021 financial year, and A$116.9m in strategic in-force premiums, according to a report in The Australian Financial Review.

The insurer expects to make A$2.8m underlying net profit on the direct book, and another A$2m from its strategic partners. It will make another A$1.2m from its Genus business. Profit was tipped to increase to A$9m in the 2022 financial year. Genus provides management and ongoing services in relation to insurance policies. The services include processing premium payments, responding to customer service calls, mailing annual policy anniversary letters and handling customer claims.

The numbers were contained in pre-deal marketing reports sent to fund managers to kick off its run at the ASX boards.

NobleOak was the 10th largest life insurer in Australia by premiums in-force as of the end of last year, with 1.4% of the market. Big players like TAL, Zurich, AIA, MLC, Revolution and Westpac dominate the market.

Source: Asia Insurance Review