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