ClearView’s life insurance division recorded an operating net profit after tax of $24.5 million, an increase of 60 per cent from the previous financial year.
In a statement to the ASX, ClearView said the life insurance segment profit result was driven by a 30 per cent increase in in-force premiums to $150.7 million, with $105.7 million attributed to LifeSolutions.
ClearView said it was the most advanced segment and demonstrated strong J-curve economics as expense overruns decrease and operating leverage is achieved through scale.
ClearView’s wealth management division recorded an operating net profit after tax of $2.7 million, an increase of 50 per cent on last year, while its financial advice division recorded an operating net profit after tax of $1.5 million, a decrease of 66 per cent from the previous financial year.
It also increased total operating earnings after tax by 35 per cent to $28.2 million and increased overall underlying net profit after tax by 33 per cent to $27.2 million.
ClearView managing director Simon Swanson said the company has established a strong foundation for sustained growth.
“ClearView remains well-positioned for robust growth over the medium to long term by virtue of our life insurance and wealth management business units that offer complementary products and services over the economic cycle,” Mr Swanson said.
“We are delighted with this result that reflects our industry disrupter strategy of winning market share within profitable segments by delivering innovative products and a high level of service.”