LifeCorp Annual Report — The Value of Belonging

Letter to shareholders

FY2024 was a year of disciplined integration. LifeCorp expanded the usefulness of its service infrastructure while maintaining the reliability on which resident and partner relationships depend. Our purpose remains the same: make the necessities of everyday life work together, so that households and institutions spend less effort coordinating them separately.

That purpose is also an economic proposition. Shared administration, coordinated purchasing and dependable participation allow us to invest across a longer relationship than a single transaction would support. We believe society benefits when essential services become more reliable, and that a company capable of providing that reliability should be able to earn an enduring return. — Mara Ellison, Chief Executive

Management operating statement

The following management statement covers the year ended December 31, 2024, with the prior year shown for comparison. Amounts are millions of credits. Divisional transfers are eliminated: selling a service internally does not create additional consolidated revenue. The statement is an operating presentation, not an assertion of independent audit.

Financial performance

Operating revenue increased by 18.3%, from 2,760 million to 3,264 million credits. The operating result increased from 518 million to 690 million credits, equivalent to a 21.1% operating margin in FY2024 compared with 18.8% in the prior year. Coordinated procurement and a broader enterprise service base contributed to the improvement.

Resident service revenue is recognized for provision under the applicable arrangement; it is not a statement that every unit of compensation managed through the ecosystem becomes revenue immediately. Enterprise revenue reflects external partner and provider activity. The group distinguishes cash administration, service revenue and internal transfers so that integration does not obscure the economic substance of the accounts.

Resident relationships and operating measures

The measures below concern direct resident relationships. They do not represent the employee-retention result of the separate Project Continuity pilot or all people receiving an employer-sponsored service.

Our integrated business model

Resident relationships provide a recurring foundation for housing, nutrition, benefits coordination and recreation. Enterprise participation allows specialist providers to serve demand through shared infrastructure. Public-sector agreements extend selected capabilities into municipal service coordination. These are connected markets, but their populations, contractual responsibilities and reporting measures are not interchangeable.

Direct residents participate under a membership arrangement. Covered employees may receive one or more services through an employer without entering the full resident model. An institution contracting for municipal reporting is a further distinct relationship. Management reviews the combined operating environment while preserving these differences in measurement.

Enterprise partnerships and information products

The Enterprise Marketplace, launched in 2022, provides a structured route for approved provider participation. During FY2024 the group prioritized fulfilment reliability and the cost of integrating additional services. Familiar provider brands remained in use where they supported continuity and reduced unnecessary transition work.

Information created through service delivery is an increasingly important commercial asset. Approved records and derived measures support demand planning, partner analysis and licensed information products. Management evaluates the consideration received and the continuing value of the underlying relationship. The same observation can contribute to more than one permitted analytical product; its value is not necessarily exhausted by the first transaction.

Nutrition, healthcare and attention

The operating model gives management a clearer view of expenditure and utilization across divisions. Coordinated nutrition sourcing can reduce waste, while integrated care scheduling can increase provider utilization. Insurance administration evaluates expenditure and eligibility through a different set of measures. Group review is necessary because an improvement in one division need not represent an improvement in another.

Attention services add a further commercial dimension to scheduled recreation and partner engagement. We evaluate yield alongside service reliability and the contribution of each programme to the wider relationship. These measures inform allocation and investment; they should not be read as a clinical assessment or a complete account of resident wellbeing.

Public-sector delivery

Public-sector revenue increased from 72 million to 108 million credits. Existing municipal coordination agreements and the New Meridian Civic Harmony pilot contributed to the segment. The pilot’s first-year review was published after the close of FY2024 and is identified separately as subsequent programme information.

Outcome-aligned contracts create a clear commercial framework for administration, complaints, service efficiency and continuity indicators. Broader policy consequences may require additional review outside a contract’s scorecard. Management recognizes that the definition of the institution responsible for that review is an important element of a dependable long-term relationship.

Risk management and allocation discipline

Material operating considerations include provider concentration, the practical cost of resident transitions, service capacity, contract renewal and confidence in the group’s information practices. Long relationships improve planning but also increase the number of services affected by a single disruption. Resilience therefore requires more than reporting a high retention percentage.

Management does not assume that a resident’s continued participation resolves every question about satisfaction or choice. Retention is valuable to the business and useful for operational planning, but the reasons for remaining may differ. Technical reviews, complaints and departure records provide additional information for the appropriate governance process.

Outlook and strategic priorities

Investment priorities include enterprise integration, improved forecasting and clearer responsibilities across service networks. The five-year workforce pilot continues under its agreed schedule; its final outcomes are not included as completed results in this FY2024 report. Restricted-model capabilities remain an area for evaluation rather than a reason to attribute savings that have not been demonstrated.

We enter the next reporting period confident in the value of coordinated services. Our task is to make the model more useful, more dependable and more economically resilient. We believe that disciplined integration is a practical contribution to a better everyday—not simply an organizational arrangement.