ClearView reports 37% increase in Underlying NPAT to $17.3m

The company introduced an interim fully franked dividend of 1.50 cents per share


ClearView reports 37% increase in Underlying NPAT to $17.3m in HY24 under new accounting standard AASB 17, introduction of interim fully franked dividend of 1.50cps

  1. ClearView Wealth Limited reported a 37% increase in Underlying Net Profit after Tax (UNPAT) to $17.3 million for the first half of the year 2024.

  2. The company introduced an interim fully franked dividend of 1.50 cents per share.

  3. New business grew by 55% to $17.5 million, and in-force premiums increased by 10% to $359 million.

  4. ClearView's market share for new business reached 10.9%, and its in-force market share was 3.3%.

  5. The life insurance Underlying NPAT margin stood at 10.9%.

  6. ClearView is making significant progress towards exiting the Wealth Management sector, with completion expected in the first half of FY25.

  7. The company benefits from a higher interest rate environment, positively impacting investment earnings.

  8. Investments in transformation and technology are expected to bring scale and efficiency benefits from the end of FY25.

  9. ClearView is focusing on becoming a pure life insurance business, aiming for operational excellence and market share growth in the life insurance sector.

  10. The company paid $127.35 million in claims to 1,032 claimants in FY23 and manages over $350 million in in-force premiums.

This announcement is a summary of the company approved ASX announcement on 22/2/2024.