Life insurance provider ClearView has released its financial results for the first half of the financial year delivering a net profit after tax (NPAT) of $13.9 million, an increase of 40% on the first half of the previous financial year.
ClearView’s life insurance business delivered a NPAT of $12.1m, an increase of 66% on the prior comparable period, which was attributed to growth in underlying in-force portfolios with ClearView describing this as a key profit driver and the most mature segment in its insurance business.
The group also grew life insurance in-force premiums by 30%, from $101 million to $132 million, and grew new life insurance business through advice by 19%, from $13.2 million to $15.7 million.
ClearView, Managing Director, Simon Swanson said the business was “implementing a high growth strategy with the goal of attaining 5% of the life insurance profit pool” and would launch an improved adviser portal and front end to increase the ease of doing business for non-aligned advisers.
AIA Australia Key to AIA Group Growth
In other results related news AIA Australia has been mentioned as a key plank in the growth of the wider AIA Group which posted an operating profit growth of 16% to US $3.2 billion and a 26% growth in the value of new business to US $ 2.198 billion.
AIA Group reported its financial results to the year ending 30 November 2015 and with Group Chief Executive and President Mark Tucker stating “AIA Australia continues to play an important role in helping to drive these results in the local market.”
“According to the latest Plan for Life results, AIA Australia is second in respect to total market share at 13.1% as at September 2015. AIA Australia remains the largest group insurer by market share at 24.8%.”
AIA Australia Chief Executive Officer, Damien Mu, said the local arm of the AIA Group was pleased to be part of the group’s wider successes and would continue to focus on the retention of key partnerships while it continued to grow.
“We are pleased with the progress made with the AIA Vitality program which is enhancing the conversation and engagement around life insurance and wellbeing with over 11,000 people now signed up and making the first steps to improve their health. We look forward to an exciting year ahead in 2016 to continue working with our partners to engage Australians with respect to their life insurance needs.”
