ClearView reports solid half
Adviser distribution-focused life insurer, ClearView Wealth Limited has confirmed it is in the final stages of full divestment from its wealth management business as it reported a group net profit after tax to $15.9 million, up from a loss in the prior corresponding period.
The company said that its exit from wealth management is one track to complete in the second half of the current financial year and “allows for the removal of its historical drag on earnings”.
The company said that its strategic execution of its transformation program remained on track, noting that in terms of distribution it is focused on the adviser channel with year-on-year market growth of 10%.
It noted its presence on 1,059 approved product lists (APLs) translating to access to 5,500 active advisers.
The company reported gross premiums were up 8% to $191.4 million, with in-force premiums up 8% to $387.2 million.
The company pointed to the manner in which claims had impacted on its result, with the life insurance underlying NPAT of $15.2 million including a first quarter loss of $6.2 million “that is considered an outlier”.
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