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.

• Board and major shareholder Crescent Capital Partners (53% holding) support the scheme, which carries a 21.5% premium to the last closing price and a 1.2x book value multiple.

• Achieved strong underlying earnings growth in 1H26, with Group Underlying NPAT up 77% to AUD 22.1 million and underlying EPS up 84% to 3.5 cps year-over-year, driven by business simplification and operational efficiencies.

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

• Completed transformation to a pure-play life insurer with all products migrated to a single cloud-based platform, exiting non-core businesses.

Financial highlights

• Group underlying NPAT from continuing operations rose 77% to AUD 22.1 million for the half year; fully diluted underlying EPS up 84% to AUD 0.035 per share.

• Life insurance underlying NPAT increased 59% to AUD 24.1 million, with an 11.2% margin.

• 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 the half year reached AUD 21 million, a 29% increase from the prior period.

• Cost-to-income ratio improved from 19.6% to 17.9% in 1H26.

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 underlying EPS 6.7–7.3 cps.

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

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

• Dividend policy unchanged; Board intends to pay up to 5cps fully franked dividend prior to Zurich scheme implementation.