ClearView’s after-tax profits were down $15.2m (22%) in the six months to 31 December 2024 when compared to the prior corresponding period. However, the figure includes a $6.2m claims related loss the firm considers to be an outlier.
The result comes as the firm heads toward the closing stages of its transition out of wealth management and financial advice – a move that was signalled by the firm in 2023.
ClearView states its half-year result was impacted by Q1 claims that were 66% higher than the average for the past 14 quarters. However, Q2 claims returned to the long-term average, says the company.
Gross premiums are up 8% to $181.4m, in-force premiums increased 8% to $387.2m in HY25, and new business market share was steady at between 10% and 11%.
Nadine Gooderick, ClearView’s MD, says the firm has an ongoing focus on re-pricing, claims management, and retention.
She says the firm’s exit from the wealth sector is on track to be completed by 30 June this year.
“We remain focussed on being the best at life insurance,” says Gooderick.
“Our distribution footprint and data insights capability continue to expand and, together with our simplified technological architecture and more agile company size, this combination of factors drives our unique differentiation, enabling us to meet the needs of our customers and advisers more quickly and efficiently.”
ClearView will be hosting a panel at Riskinfocus 25 over the coming weeks. Click here for more details.
