Clearview Wealth (CVW) H1 2026 earnings summary

Executive summary

• Entered into a Scheme Implementation Deed with Zurich Financial Services Australia for a 100% acquisition at AUD 0.65 per share, with potential adjustments for dividends and a possible total value up to AUD 0.67 per share including franking credits, subject to shareholder, court, and regulatory approvals.

• Achieved strong underlying performance in 1H26, with Group Underlying NPAT up 77% to AUD 22.1 million and Life Insurance Underlying NPAT up 59% to AUD 24.1 million, driven by business simplification and technology transformation.

• Underlying EPS rose 84% to 3.5 cps in 1H26, reflecting operational improvements and cost efficiencies.

• Statutory Reported NPAT declined 47% to AUD 8.5 million due to non-recurring items and transformation costs.

• Completed migration to a single cloud-based insurance platform, exiting non-core businesses and enabling efficiency and scalability.

Financial highlights

• Gross premium income for 1H26 increased 13% year-over-year to AUD 215.6 million; in-force premiums also up 13% to AUD 436.0 million.

• New business sales for 1H26 rose 29% to AUD 21.0 million.

• Life Insurance Underlying NPAT margin improved to 11.2%, up 3.2 percentage points year-over-year.

• Cost-to-income ratio reduced to 17.9% in 1H26, reflecting ongoing efficiency gains.

• Embedded Value at 31 December 2025 was AUD 516.6 million (82.8 cps) excluding franking credits, up 5% from prior year.

Outlook and guidance

• FY26 guidance: gross premium income AUD 435–440 million, Life Insurance Underlying NPAT margin 11–12%, Life Insurance Underlying NPAT AUD 47–52 million, Group Underlying NPAT AUD 42–47 million, and Group Underlying EPS 6.7–7.3 cps.

• Guidance subject to claims, lapse, expense assumptions, technology execution, repricing, and interest rate environment.

• Focus remains on retail market growth, digital front-end rollout, and leveraging AI for efficiency.

• Dividend policy unchanged; Board may pay up to AUD 0.05 per share in dividends before scheme implementation, with any dividend reducing scheme consideration by the cash amount per share.