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ClearView announces strong result, equity raising

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ClearView Wealth has posted a solid result for the first half of the financial year, with underlying net profit, in-force life premiums and funds under management all up on the previous corresponding period.

The group reported an underlying net profit after tax of $9.1 million for the first half, up 7 per cent on the previous corresponding period.

In-force premiums were up 38 per cent to $74 million, and ClearView's funds under management (FUM) rose to $1.63 billion for the first half of the 2013/2014 financial year.

The number of financial advisers within ClearView increased by 16 per cent from 94 on 31 December 2012 to 109 as of 31 December 2013.

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Sales by employed ClearView financial advisers via the recently introduced WealthSure platform drove the increase in FUM throughout 2013, according to a statement by the company.

"A life insurance new-risk premium of $12.4 million was achieved for the first half of FY2014 (up 25 per cent) driven off the back of the LifeSolutions product and the restructure of direct distribution in the first half of FY2014," the statement said.

ClearView managing director Simon Swanson said the strong growth within the company was expected to continue in the second half of the financial year.

The company has also announced a $45 million capital raising, $40 million of which will be used to fund ClearView's "strong growth" in in-force premiums, and $5 million of which "will be used to make a number of potential small investments and other activities to accelerate the growth of the business".