ClearView new business sales up 34% for FY23–24

In an ASX announcement on Thursday morning, ClearView Wealth managing director Nadine Gooderick said the firm’s ambition is to be the “best at retail advised life insurance”.

She said the insurer would look to leverage its challenger culture, simplified technological architecture, and more agile company size to meet the needs of its customers and advisers in “faster, better, and smarter ways”.

In its full-year results, ClearView declared a 25 per cent increase in the group’s underlying net profit after tax (NPAT) in the 2023–24 financial year, reaching $35.3 million for the year to 30 June 2024.

Its in-force premiums were up 10 per cent on the last financial year, now holding 3.5 per cent of the in-force premium market share, valued at $373.9 million.

ClearView said the results demonstrate “positive business momentum” for the company, highlighting the group’s “successful transition from a diversified financial services company to a pure life insurance business”.

For FY23–24, the firm saw its life insurance underlying NPAT increase 23 per cent to $39.5 million, noting a margin increase from 9.9 per cent to 11 per cent.

The firm added: “This momentum has been driven by the strength of the group’s flagship product series, ClearView ClearChoice, the company’s commitment to being easy to do business with and providing superior customer experience, and its expanding adviser distribution footprint”.

Gooderick said the firm demonstrated strong performance over the last financial year, setting it on track for its FY25–26 targets.

“The group’s results are underpinned by a sound strategy to focus on simplification and its core life insurance business, ongoing investment in technology and transformation, and disciplined execution,” Gooderick said.

“This year has been all about growth – our market share, results, and capabilities – I’m so proud of what the team has achieved. Business simplification and transformation remain key strategic priorities and we have achieved significant milestones this year.”

Looking forward, the company said the successful execution of its business strategy “will see underlying NPAT targeted to continue to grow at double digits”, aiming for an underlying NPAT margin of 11 to 13 per cent for FY25–26.

Gooderick said the firm would continue to strengthen its operations and invest in technology and the growth of the company.

“Planning is well underway for the migration of existing in-force into the new functional platform, which will drive scale and efficiency benefits from the first half of FY26,” she said.

“A number of initiatives are also in flight to uplift the capability of our people and the way we do things, to drive higher customer engagement, retention, and satisfaction.”

In a deal announced November last year, ClearView sold nearly 20 per cent (19.99 per cent) of its interest in Centrepoint Alliance to COG Financial Services for $13 million, signalling its exit from advice to focus on its life insurance services.

“Given ClearView’s sole focus on life insurance, ClearView has determined to sell its strategic investment in Centrepoint,” it said at the time.