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<\/a>ClearView has also outlined plans to divest its managed investments business (subject to certain conditions precedent) to deliver better customer outcomes and “…enable the business to focus on capturing opportunities from the improving life insurance market.”<\/p>\n
The company says its half year highlights were:<\/p>\n
- \n
- Life insurance UNPAT up 46% to $19.4m<\/li>\n
- Life insurance new business up 9% to $11.3m<\/li>\n
- Gross premium income up 8% to $160m<\/li>\n
- Positive claims ($0.1m) and lapse performance ($1.7m) relative to assumptions<\/li>\n
- Higher interest rate environment, positively impacting underlying earnings<\/li>\n
- Investment in transformation and technology starting to deliver benefits<\/li>\n
- Centrepoint Alliance contributed $1.7m, resulting in a 50% increase in Group UNPAT to $18m<\/li>\n
- Clear strategy, simplified business model and a focus on life insurance<\/li>\n
- Proposed divestment of managed investments business to Human Financial (subject to certain conditions precedent), with ClearView to hold a strategic 40% stake in Human Financial following completion of the divestment<\/li>\n<\/ul>\n
The firm’s commentary notes that ClearView was a first mover “…in the life insurance product repricing cycle and launched the group\u2019s next generation life insurance product series, ClearView ClearChoice, in 2021.”<\/p>\n
It says ClearView ClearChoice is focused on improving customer outcomes and the long-term sustainability of the business.<\/p>\n
\u201cThe group\u2019s significant ongoing investment in people, processes and technology, during a period of uncertainty, dovetailed with improving life insurance market conditions underpinning strong growth in underlying profit for the half.”<\/p>\n
The statement says that life insurance \u201c\u2026remains the group\u2019s key profit driver, with inforce premiums from its Advised product range up 11% to $290.9m.\u201d<\/p>\n
It adds that the strength of ClearView ClearChoice \u201c\u2026lifted new business 9% to $11.3m and boosted the group\u2019s market share to circa 8% (up from 5% in FY21).\u201d<\/p>\n
…off the back of material industry and regulatory changes, the life insurance market is starting to show signs of revival…<\/p><\/blockquote>\n
It also notes that off the back of material industry and regulatory changes, \u201c\u2026the life insurance market is starting to show signs of revival. The industry\u2019s return to profitability has been driven by structural reforms that focus on sustainability including product changes and the repricing of historical inforce portfolios.\u201d<\/p>\n
On the HY23 result, ClearView Managing Director Simon Swanson<\/strong> says the group continued to extend its position “…as a key challenger by delivering high quality products, excellent service and being easy to do business with.”<\/p>\n
\u201cThe last few years have been about simplification and transformation, and we are starting to see the benefits of our ongoing investment in people, processes and technology,\u201d he says.<\/p>\n
\u201cFurthermore, the sale of our Financial Advice business in 2021 has resulted in a better home for former staff and financial advisers, and a simpler ClearView while enabling us to continue participating in the growing advice margin through our strategic interest in Centrepoint Alliance.\u201d<\/p>\n