Clearview Wealth (CVW) H2 2024 earnings summary

Executive summary

• Group underlying NPAT rose 25% to AUD 35.3 million under AASB 17, reflecting strong business momentum and a sharpened focus on life insurance after exiting wealth management and advice businesses.

• New business market share increased to 11%, with new business up 34% to AUD 33.7 million and in-force premiums up 10% to AUD 373.9 million.

• Technology transformation is progressing, with migration to a new cloud-based platform on track for 1H FY26 and efficiency gains expected.

• Market share gains in a growing retail life insurance market, supported by product innovation and adviser channel consolidation.

• FY24 marked by improved margins, continued capital generation, and a completed exit from wealth management.

Financial highlights

• Group Underlying NPAT from continuing operations up 25% to AUD 35.3 million in FY24 (AASB 17 basis).

• Life insurance Underlying NPAT up 23% to AUD 39.5 million; margin improved to 11.0% from 9.9% year-over-year.

• Gross premiums up 10% to AUD 358.1 million; in-force premiums up 10% to AUD 373.9 million.

• New business up 34% to AUD 33.7 million, with market share rising to 11.0% from 9.2%.

• Total FY24 dividend of 3.2 cents per share, fully franked, with DRP reinstated and payout ratio at 60%.

Outlook and guidance

• Targeting new business market share of 12%-14%, in-force market share of ~4%, gross premiums of AUD 400 million+, and underlying NPAT margin of 11%-13% by FY26.

• Expecting continued double-digit underlying NPAT growth, margin accretion from scale, and benefits from technology investments.

• Full exit from wealth management targeted by Q3 FY25; technology migration to complete in 1H FY26.

• Dividend payout range to be uplifted to 50–70% of underlying NPAT post IT transformation and wealth exit.

• Further premium repricing planned in 2025 to address increased claims costs.