Strong first year for ClearView
ClearView has returned strong results at the end of the first financial year following the acquisition of Bupa's wealth management business.
Underlying net profit after tax of $19.3 million equates to a 14 per cent after tax return on the capital employed in the business, according to ClearView managing director Simon Swanson.
The group also increased its surplus capital above internal target requirements from $40 million to $53 million, increased its embedded value from $223 million to $259 million, and declared a fully franked dividend of 1.8 cents per share.
"The first half of the year was focused on successfully integrating the businesses acquired from Bupa and extracting cost synergies, which predominantly drove the 16 per cent increase in embedded value over the year," Swanson said.
"In the second half, we made good progress on initiatives with our strategic partners, namely Bupa Australia and credit unions, and commenced other exciting growth initiatives," he added.
During the year the group released five new insurance products and added two new asset classes to the fund offering.
ClearView has planned a range of initiatives for the 2012 financial year including the launch of a range of full advice life insurance products tailored to adviser needs; rolling out products on a larger scale and via increased sales channels to Bupa members; implementing a competitive private label platform, including new ClearView wealth; and expanding its life insurance offering to credit unions.
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