ClearView Wealth Limited has posted a $22.9 million full year underlying net profit after tax (UNPAT), on the back of a strong performance by its life insurance business.
Announcing its 2015 financial year results to the Australian Securities Exchange (ASX), ClearView revealed the life insurance business recorded an operating NPAT of $15.3 million, up 41 per cent.
The results showed a 26 per cent increase in new business in the life sector, while in-force premiums increased by 32 per cent.
In a year that saw the integration of Matrix into the business, Clearview’s planner number rose 89 per cent, with a 92 per cent increase in funds under management and advice, to $7.9 billion, and a 99 per cent increase in premiums under advice.
However, the wealth management arm saw its UNPAT fall 70 per cent to $1.8 million, due to a “$3.2 million drag on earnings” resulting from its investment “in a new functional wealth platform and WealthFoundations product”.
ClearView managing director, Simon Swanson, said the results showed the business had established a strong platform to drive momentum and convert its strategic positioning into material earnings growth.
“It is exciting to be part of a growing organisation such as ClearView as reflected by the performance of our business,” he said.
“FY15 included the successful merger and integration of Matrix, the upgrade to our LifeSolutions product range and the successful launch of WealthFoundations.
“The initial phases of our investment are now complete with material earnings growth expected to emerge in FY16.”
