ClearView takes itself off the auction block
An improving balance sheet and an improving outlook for the Australian life insurance market has seen ClearView decide to effectively take itself off the auction block.
The publicly-listed insurer announced to the Australian Securities Exchange (ASX) today that it had concluded the strategic review process started in September last year and had decided not to proceed with a sales process despite receiving expressions of interest.
The company said the competitive process involved parties based in Australia and overseas who had made or were potentially interested in making confidential, non-binding, indicative proposals in respect of a control transaction.
It said a number of parties participated in a due diligence process in relation to ClearView,
The ASX announcement said the ClearView board determined that it did not receive any proposals as part of the Strategic Review that represented appropriate value for control of ClearView.
It said that among relevant matters were the continuing improvement in the performance of both ClearView and the industry since commencement of the Strategic Review.
The company’s quarterly trading update to the ASX state the insurer had traded strongly and to expectation and that based on its year to date performance was on track to achieve growth in Group underlying NPAT in FY23 of $28.5 million to $30 million.
It said the business environment of the overall life insurance industry continued to show signs of improvement and ClearView remained well place to benefit from that improvement.
Given my daughters very poor ClearView income protection claims experience I was hoping a change of ownership might improve things.
This is what happens when you want more than the market is prepared to pay.