ClearView has reported an increase in its life insurance business has boosted the company’s profit for the half-year ending 31 December 2014 by nine per cent.
In a statement to the ASX, ClearView reported an underlying net profit after tax of $9.9 million for the half-year with an increase in new life insurance business and premium growth contributing to the result.
“The strong growth in life insurance sales has continued, with in-force life insurance premiums growing to $101.4 million as at 31 December 2014, an increase of 37 per cent over the prior comparable period.
“Life insurance new risk premium of $17 million was achieved for the first half (up 32 per cent) driven off the back of the LifeSolutions product and the continued momentum of the direct business,” a statement from ClearView said.
ClearView highlighted its lapse experience was higher than the rates assumed in the life insurance policy liability with an experience loss of $0.2 million after tax.
“This adverse lapse experience variation offset the positive claims experience and follows similar negative lapse experience in [the first half of] FY14 of $0.1 million,” the statement said.
ClearView also reported a positive claims experience with a profit of $0.1 million after tax relative to the expected claims loss.
“This positive claims experience variation follows positive claims experience in [the first half of] FY14 of $0.7 million,” it said.
The company also reported a growth in adviser numbers to 216, up from 109 in the previous period, in its result.
ClearView said it experienced a growth of 31 advisers, while its merger with Matrix on 10 October 2014 contributed another 85 advisers to the group.
“The number of financial advisers in CFA [ClearView Financial Advice] has increased to 131 as at 31 December 2014, representing an increase of 20 per cent over the prior year,” the statement said.