ClearView insurance business up 41 per cent

Announcing its company results via the ASX, ClearView reported a profit of $15.3 million in its life insurance operation, a growth of 41 per cent on the previous corresponding period.

Over the year, ClearView reported its in-force premium grew 32 per cent to $115.7 million along with a 26 per cent growth in new business to $34.5 million.

Across the whole of the ASX-listed business, ClearView posted an underlying net profit after tax of $20.5 million, a four per cent increase on the previous year.

“FY15 concludes a successful three-year strategy focused on building ClearView’s market position in the life insurance, wealth management and financial advice markets,” a statement from ClearView said.

“ClearView now has a growing life insurance business that is focused on the profitable segments of the market; a positive net flow wealth management business that is well positioned for growth with the convergence of superannuation and life insurance.

“[The company has also] continued to build a preferred home for leading financial advisers with the objective of operating strong advice brands with a focus on quality advice,” the statement said.