ClearView will take a 40 per cent strategic stake in investment technology firm Human Financial in exchange for the former’s managed investment business. 

In its business update to the ASX on Thursday morning, ClearView said the proposed divestment was subject to approval and not yet finalised. 

The announcement was part of ClearView’s 1H23 financial results, which stated underlying net profit after tax (UNPAT) was up 31 per cent to $16.3 million.

Life insurance is the main contributor to ClearView’s HY23 result, with the segment’s 46 per cent increase in UNPAT partially offset by the wealth management business, which compromises managed investments and superannuation. During the half, gross life insurance premium income increased by eight per cent, and the new business increased by nine per cent. 

Centrepoint Alliance contributed $1.7 million, resulting in a 50 per cent increase in group UNPAT to $18 million.

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