The firm said in an ASX listing on Friday, it is positioned “top of mid-tier” in the independent financial adviser market, having created a diversified distribution network with over 900 dealer groups comprised of over 4,000 advisers.
New business sales between July and December last year reached $17.5 million, up 55 per cent, boosting its new business market share for the half-year period to 11.2 per cent and putting it in fourth place among the competition.
The firm believes it remains “well positioned” to continue to increase its new business share to challenge the top three.
ClearView’s underlying net profit after tax for the six months to 31 December increased 37 per cent on the previous corresponding period to $17.3 million.
The firm also reported “significant progress” towards wealth management exit, which is on track for completion for the first half of financial year 2025.
Back in November, ClearView exited financial advice entirely with the sale of its Centrepoint equity stake for $15.2 million in cash.
According to the firm, it’s strong half-year results highlight its “successful transition” from a diversified financial services company to a pure life insurance business that is focused on extending its position in the Australian advised life insurance market.
ClearView managing director Nadine Gooderick said the group’s focus on simplification and ongoing investment in technology and transformation over the past few years had seen it exit unprofitable segments and give the business a clear strategy and clear targets for FY2026.
“We are solely focused on delivering high-quality life insurance solutions and excellent service to our customers. We have invested significantly in people, processes and technology, and this investment underpins our long-term growth profile,” Ms Gooderick said.
“We are already starting to see some scale and efficiency benefits, as a result of our multi-year transformation program, and we expect material improvements from the end of FY25.”
More broadly, Ms Gooderick said the life insurance industry’s positive outlook was underpinned by economic and demographic tailwinds including higher interest rates, population growth, and increasing levels of household wealth and debt.
“Australians need adequate life insurance. Rising levels of household wealth and debt reinforce the importance of life insurance to help Australians maintain their lifestyle and protect their loved ones in the event of a major injury or illness or premature death,” she said.
Looking forward, ClearView expects the business to emerge as a life insurance business that is focused on protecting and optimising its position as a dynamic challenger. The firm is targeting a market share of new business of 12–14 per cent by financial year 2026.
“ClearView’s strategy is to increase its share of the life insurance market; achieving operational excellence in the core life insurance functions of product, underwriting, claims and rehabilitation; and exploring potential growth and diversification opportunities,” the firm concluded.
