ClearView achieved a strong FY15 financial result:
• Underlying NPAT1 of $20.5 million, up 4% on FY14
• Underlying NPAT of $22.9 million5, up 17% on FY14 on a like for like basis
• ClearView is a growing and profitable integrated life insurance and wealth challenger business that is well placed to benefit from structural growth trends
Key profit drivers and performance metrics of the FY15 result:
• Life Insurance Operating UNPAT of $15.3 million, up 41%
• 26% increase in life new business, 32% increase in life in-force premium
• Results consistent with strategy with profits emerging from the growth in the underlying in-force portfolios following the investments in life insurance over the last 3 years
• Investment for growth in new functional wealth platform and WealthFoundations product ($3.2 million drag on earnings as highlighted to the market 12 months ago)
• Wealth Management Operating UNPAT of $1.8 million, down 70% reflecting adverse impact of this investment in the wealth platform and related drag on earnings
• $112 million net flow positive, 15% increase in wealth in-force FUM3
• 89% increase in number of advisers, up 19% excluding Matrix merger, continuing focus on quality, culture and compliance
• 92% increase in FUMA4 to $7.9 billion; 99% increase in Premiums Under Advice to $187 million
• NPATA6 of $21.5 million, up 1% on FY14. Reported NPAT of $12.5 million representing a reduction of 10% on the prior year driven by amortisation of intangibles and the deal and integration costs associated with the Matrix merger
• Fully franked FY15 dividend of 2.1 cents per share, up 5%; Dividend Reinvestment Plan in place
Source: ClearView
