Ann: FY24 Annual Report, page-2

I found this page of the Annual Report helpful to reconcile underlying result with the reported statutory result.

Always find these reports difficult to fully understand, and I'm not sure IT transformation costs should be excluded - I imagine IT costs will continue with digital offering and development of WealthMaximiser etc. Wish I was more optimistic on WealthMaximiser, but feel it will be a long road and possibly doesn't align with NOL's risk profile and spending instincts. Also not sure how it links to sales, as not sure the insurance product is actually recommended in the advice process.

Really pleased with sustained 20% growth in premiums and the core business seems to be humming along really well. I can't help but feel the AASB17 adjustments to the balance sheet made everyone feel a bit nervous about market cap vs book value, and this has had an impact over the last year or so. At any rate, it's far from a mature insurer, with demonstrated growth ability, good values, and digital led ambitions which aligns with the longer-term. In my view should be valued as a growth stock. 20x earnings doesn't seem crazy to me.

NEOS is such a quality partner, need to remember this and make sure arrangement sustainable long-term. Also, ability to grow that direct book is the secret sauce, great margins, control of destiny.