NobleOak raises $6.5M provision over Victorian stamp duty dispute

NobleOak Life (ASX:NOL) has provided an update on the potential impact of Victorian stamp duty reforms, following its April 3, 2025 announcement and disclosures in its FY25 financial accounts.

The company said it was notified by the State Revenue Office Victoria on Jan. 15 that the SRO does not agree with NobleOak's position on the stamp duty exemption and considers the company does not meet the statutory requirements to access the exemption available to friendly societies for insurance contracts held by Victorian policyholders from Jan 1.

NobleOak said it is engaging with the SRO and the Victorian Department of Treasury and Finance to seek clarification on the implications for insurance premiums collected on or after that date, while also assessing its response options.

The company has continued to prudently provision for the matter, increasing the provision from $2.25 million at June 30 to $6.5 million at Dec. 31, 2025, and will maintain this approach until formal clarification is received.

NobleOak has also adjusted pricing on most policies held by Victorian policyholders to limit further exposure. As the group transitions to a life company structure, the stamp duty exemption will no longer apply, with the timing of this change giving rise to the one-off exposure.

NobleOak said the issue is not expected to materially impact in-force premium growth or underlying NPAT for FY26.

At the time of reporting, NobleOak Life's share price was $1.48.