NobleOak Life says growing partnerships is among its priorities in coming months as it builds on its FY26 financial performance.

Reported net profit doubled to $14.1 million last financial year and, on an underlying basis, it surged 15% to $21.1 million.

In-force premium excluding run-off services company Genus grew 18% to $549.2 million and new business sales gained 9% to $69.2 million.

Direct segment underlying net profit grew 20% to $10.8 million, and the strategic partner segment delivered an 11% increase to $9.7 million.

“We are executing our growth strategy and during the year launched new partnerships and products including a new alliance with Nib …  which is delivering encouraging early results and is expected to accelerate in FY27,” CEO Anthony Brown said.

Under the partnership announced in February, Nobleoak provides Nib-branded life products, including income protection and total and permanent disability, to the health insurer’s customers.

Nobleoak says it will also expand key alliances including with Budget Direct and WA motoring club RAC.

“Disciplined underwriting, ongoing investment in technology and AI, and a relentless focus on our customers continue to underpin our performance,” Mr Brown said.

“As we transition from a friendly society to a life company, we are well positioned and well capitalised to deliver our next growth phase.”

That transition is on track for completion in December and “will provide a stronger platform for future growth, capital efficiency and strategic flexibility”, Nobleoak says in its annual report.

The company also says it is “well progressed” in its TPD product design review. It plans a “staged approach” to launching new offerings in each segment over the next 12-18 months.

For FY27, the insurer is targeting in-force premium growth of more than 12% and underlying net profit after tax growth of at least 10%.