Clearview Wealth (CVW) H2 2025 earnings summary

Executive summary

• Achieved strong second-half performance in FY 2025, with double-digit growth in gross and in-force premiums, both up 10% year-over-year to AUD 393.7 million and AUD 412.9 million, respectively.

• Life insurance underlying NPAT up 12% in the second half to AUD 22.5 million; full-year life insurance underlying NPAT at AUD 37.7 million, down 5% year-over-year, with margin restored to 11.1% in 2H25.

• Group underlying NPAT for FY 2025 was AUD 32.3 million, down 8% year-over-year, but 2H25 saw an 11% increase to AUD 19.9 million.

• Completed exit from wealth and investment management businesses, focusing on core life insurance and digital transformation.

• Focused on quality new business, maintaining strong market share and below-industry lapse rates.

Financial highlights

• Invoice/in-force premiums up 10% year-over-year to AUD 412.9 million; gross premiums grew 10% to AUD 393.7 million; market share increased to 3.9%.

• Underlying earnings per share for FY 2025 was AUD 0.05 (5.0cps), down 9% due to 1Q25 claims, but 2H25 EPS rose 9% to 3.1cps.

• Surplus capital position of AUD 29.2 million as of June 30, 2025.

• Embedded value (EV) excluding franking credits at AUD 524.4 million, or just under AUD 0.82 per share, up 5%.

• Reported NPAT was AUD 8.2 million, a significant turnaround from prior losses.

Outlook and guidance

• FY 2026 guidance: gross premium income of AUD 435–440 million, life insurance underlying NPAT margin of 11–12%, life insurance underlying NPAT of AUD 47–52 million, and group underlying NPAT of AUD 42–47 million.

• Underlying EPS guidance for FY 2026 is AUD 0.065–0.073 (6.5–7.3cps), representing a 30%+ increase from FY 2025.

• Dividend policy remains at 40–60% payout of group underlying NPAT; share buyback to resume post-results.

• Focus on technology-led efficiencies, business simplification, and digital front-end integration to drive growth.