Clearview to leverage Bupa connection
The evolution of publicly listed funds manager MMC Contrarian into Clearview, and its acquisition of the Bupa life insurance and wealth management businesses, have paid dividends for shareholders with the company today reporting a net profit after tax of $5.921 million.
However Clearview managing director Simon Swanson acknowledged that the result had a number of one-off adjustments amounting to $7.9 million, the most significant of which was a one-off profit on acquisition of $15.3 million. “Clearview’s result reflects one-off gains and losses associated with the acquisition by MMC of Clearview, a three-week contribution of $1.1 million to profit from the acquired businesses since completion and a full year of operating and listing costs from the former MMC of $2.5 million,” he said.
Looking at the outlook for the business, Swanson said that in addition to the 55 financial planners working through the company’s ComCorp and Clearview financial planning businesses, it also had an exclusive ten-year alliance with Bupa, providing access to 2.9 million potential customers via the MBF, HBA and Mutual Community customer bases for life insurance and wealth management product sales.
AUTHOR
Mike Taylor
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