On Thursday (24 February), ClearView confirmed operating earnings after tax of $13.9 million as at 31 December, a 14 per cent increase from the last quarter.
Underlying net profit after tax on continued operations jumped by 5 per cent to $12.7 million at the back of the sale of its financial advice businesses to Centrepoint Alliance in November.
ClearView also reported increases to life insurance gross premium (up 7 per cent to $147.6 million), life insurance operating earnings after tax (up 8 per cent to $13.4 million), wealth management operating earnings after tax (up 95 per cent to $1.1 million) and funds under management (up 19 per cent to $3.6 billion).
Following the sale of the advice businesses, ClearView managing director Simon Swanson said the company will move forward with a more targeted focus on life insurance and wealth management.
“ClearView continues to drive transformational change through the delivery of key projects and our significant investment in technology, processes and people will underpin our medium to long term growth,” Mr Swanson said.
“With the pace of regulatory and structural change easing, and COVID-19 seemingly having reached its peak in Australia, our focus is on accelerating growth and the business is well positioned to take advantage of the projected rebound in the life insurance market.”
ClearView has also confirmed that its strategic review, originally scheduled for last year, has formally commenced this month and will assess strategic options in a bid to maximise shareholder value.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
