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ClearView Marks a New Era with Life Insurance Profits Up by a Third

ClearView Marks a New Era with Life Insurance Profits Up by a Third

Following a dynamic transition focused on its life insurance sector, ClearView Wealth celebrates a significant profit increase.
This shift in business strategy is reflected in a remarkable 32% rise in life insurance underwriting profits, reaching $19.4 million.
The wholesale transformation from a multi-faceted financial entity into a life insurance-centric firm emerges successful with total underlying earnings after tax up 37% to $17.3 million.

The strategic reorientation toward life insurance has seen ClearView remove itself from wealth management and advisory services. Nadine Gooderick, ClearView's Managing Director, highlights the fruits of a concentrated effort in enhancing technology and streamlining the company's structure. Decision marker remarks illustrated a roadmap to substantial improvements anticipated by the close of the 2025 financial year.

A closer examination of the figures shows life insurance new business soaring 55% to $17.5 million, while gross premium income notches up an 11% increase to $178 million. Additionally, ClearView's market share for new business has expanded from 9.2% to 10.9% on a yearly rolling basis.

Beyond these figures, advancements in the inforce premium segments provide further evidence of growth, with advice inforce premium seeing a 12% rise to $326.5 million, and the total inforce premium climbing 10% to $359.2 million. This upward trend illustrates ClearView's momentum as it eyes an ambitious $400 million inforce premium target complemented by an 11%-13% life insurance margin within the next three years.

The foresight to distance the wealth management duties has led to a boost in ClearView's financial health, shaking off previous earnings depressions. Their former wealth division now figures as a discontinued operation—a footnote in the chronicles of the enterprise—as the firm strides ahead on its singularly defined path.

Gooderick’s vision for a tech-invested, customer-service-oriented and leaner ClearView aims to provide its clientele with top-tier life insurance products. The ongoing transformation campaign underscores the company's expectation for scaled efficiency and improved service metrics.

  • First-half life insurance profit spike by 32%
  • A staggering 55% increase in new life insurance business
  • Distinct departure from wealth advisory roles leads to profit boost
  • Set sights on doubling inforce premium with enhanced profit margins by 2026

Published:Friday, 1st Mar 2024
Source: Paige Estritori

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Knowledgebase
Term Life Insurance:
A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.