Despite reporting a slight dip in its half-year profit for the period ending 31 December 2015, ClearView Wealth said it had experienced “strong growth” in its new advised insurance business.
Reporting its half-year results to the ASX last week, ClearView posted a net profit after tax of $7.6 million, down one per cent on the previous corresponding period.
Commenting on the result, managing director of ClearView Simon Swanson said the company has had “strong growth” in new advised insurance business, which is “significantly above the market growth rate”.
"A key focus, more recently, has been on the broadening out of the distribution of our life product suite with the number of APLs on which our life products are placed increasing to almost 250 – which is up 54 per cent," Mr Swanson said.
"As a consequence, just under 60 per cent of our advised life insurance new business was generated from non-aligned advisers, which is up 35 per cent on the prior comparable period."
In addition, ClearView said in-force premium is up by 30 per cent to $132 million, with new business written up by seven per cent to $18.2 million.
Across the company's financial advice arm, ClearView reported its funds under management and advice had increased nine per cent to $8.1 billion, but its financial advice net profit after tax was down 63 per cent on the previous corresponding period.
Mr Swanson said the company's strategy going forward will be to place its focus on "broadening" its distribution to the "wider IFA market" in both life insurance and wealth management.