Clearview Wealth (CVW) H2 2025 earnings summary

Executive summary

• Achieved strong second-half performance in FY25, with double-digit growth in gross and in-force premiums, both up 10% year-over-year to $393.7m and $412.9m, respectively.

• Group underlying NPAT for FY25 was $32.3m, down 8% year-over-year, with a strong 2H25 performance offsetting earlier claims volatility.

• Life insurance underlying NPAT margin improved to 11.1% in 2H25 as claims normalized from Q2 onwards; full-year life insurance underlying NPAT at $37.7m, down 5% year-over-year.

• 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

• Gross premium income increased 10% year-over-year to $393.7m; in-force premiums reached $412.9m, up 10% year-over-year.

• Group underlying NPAT for FY25 was $32.3m, down 8% year-over-year, but 2H25 saw an 11% increase to $19.9m.

• Underlying earnings per share for FY25 was 5.0cps, down 9%, but 2H25 EPS rose 9% to 3.1cps.

• Surplus capital position of $29.2m as of June 30, 2025; net assets at $349.8m (54.1cps).

• Embedded value (EV) excluding franking credits at $524.4m (81.7cps), or $603.2m (94.0cps) including franking credits, up 5% year-over-year.

Outlook and guidance

• FY26 guidance: gross premium income of $435m–$440m, life insurance underlying NPAT margin of 11–12%, life insurance underlying NPAT of $47m–$52m, and group underlying NPAT of $42m–$47m.

• Underlying EPS guidance for FY26 is 6.5–7.3cps, representing a 30%+ increase from FY25.

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

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

• Key risks to FY26 guidance include claims experience, execution of technology programs, lapse experience, repricing, and interest rates.