Financial services group ClearView Wealth has reported a mixed half year result.
The company reported a 58 per cent decline in net operating profit to $3,196,000 despite a 76 per cent lift in net operating revenues on the back of good returns from its insurance, wealth management and financial advice businesses.
The company told the Australian Securities Exchange (ASX) that the result included the impact of key decisions to support longer term decisions including the LifeSolutions adverse claims experience and a continued slow-down in non-advice new business, in particular the direct life insurance channel that targeted lower socio-economic customers.
The ASX announcement said life insurance remained the key driver for further expansion of the distribution footprint and related stepped change in advised sales, leading to material increase in the in-force portfolio that is underpinning the growth profile.
