ClearView Wealth Limited has announced a 14% rise in Underlying Net Profit after Tax (NPAT) to $15.2 million for the six months to December 31, 2016.
Simon Swanson, ClearView managing director, said the company’s solid result was driven by a significant increase in sales of its flagship LifeSolutions product and positive net flows in wealth management and strong support from the Independent Financial Adviser (IFA) channel.
Earnings in the life Insurance segment posted modest growth of 5% to $12.7 million, driven by statistical claims volatility that can be expected between periods due to the size and nature of a portfolio. Profit growth in this segment was driven by a 30% in-force book growth and a 31% increase in sales of the flagship LifeSolutions product.
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In the wealth management segment, the company has seen a 28% increase in Underlying NPAT to $1.6 million, following significant investment in the development of its contemporary platforms and products. In calendar year 2016, the number of dealer groups that recommended ClearView wealth management products tripled to 18.
Meanwhile, the financial advice segment reported a 76% growth in Underlying NPAT to $1.2 million.
“ClearView continues to deliver strong, profitable and sustainable growth and remains on track to achieve its near and medium-term goals,” said Swanson.
“The life insurance segment continues to be the key profit driver with the strong growth of our distribution footprint underpinning the company’s profit profile and embedded value.”
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