ClearView Wealth is considering entering distribution agreements and arrangements with independent financial advisers (IFAs) and dealer groups.
The group is developing a presence in the IFA market including obtaining access to approved product lists of third party dealer groups, the group said in its consolidated financial report for the six months ending 31 December 2011.
It is also considering entering distribution agreements and arrangements with IFAs and dealer groups as "suitable relationships are established".
The key focus of the group for the half year period was the successful launch in December 2011 of ClearView LfieSolutions and ClearView Wealth Solutions, the company said.
"ClearView's range of new life insurance and wealth management products and services enables the group to penetrate the IFA market, improve the product and service offering for ClearView financial planners, grow its financial planning business, and significantly broaden the group's exposure to wealth management and life insurance markets," the company said.
As part of ClearView's distribution push, the group has started recruiting financial planners. In September last year, the group recruited dealer group Lambert Investments.
The planned expansion of the group's wealth operations comes as ClearView announced an increase of 316 per cent in net profit after tax (NPAT) of $12.2 million.
The firm recorded a decrease in underlying NPAT, a measure used to determine the size of dividends including items such as amortisation, of 12 per cent or $1.2 million compared with the half year ended December 2010.
"The negative impact of investment markets on fee income and net investment flows. In addition, a general deferral of retirement plans of clients (and related investment into retirement products) has disproportionately impacted ClearView owing to its historic participation in the retiree market," the company said.
The company's reported NPAT increased by 316 per cent or $9.3 million compared with the half year ended 31 December 2010.
The result reflects $6.5 million after tax from the impact on the life insurance contract liability of the reduction in long-term discount rates over the reporting period.
It also takes into account the group undertook no restructure, transition or acquisition related costs in the first half of the current financial year, the company said.
