ClearView posts strong result
ClearView Wealth Limited has delivered on its forecasts, announcing an 89 per cent increase in net profit after tax of $23.6 million for the year ended 30 June.
The company increased total operating earnings after tax by 35 per cent to $28.2 million and delivered a 33 per cent higher underlying net profit after tax (NPAT) of $27.2 million which it said was in line with the mid-point of its profit guidance range.
Commenting on the operating result, ClearView managing director, Simon Swanson, said it reflected the company's industry disrupter strategy of winning market share within profitable segments by delivering innovative products and a high level of service.
He said he believed ClearView had established a strong foundation for sustained growth as it transitioned from the build phase of its strategy to the growth phase.
"ClearView remains well positioned for robust growth over the medium to long-term by virtue of our life insurance and wealth management business units that offer complementary products and services over the economic cycle," Swanson said.
The company's announcement to the Australian Securities Exchange (ASX) noted that the board was aware that its 52.9 per cent shareholder CCP Bidco Pty Limited and its Associates (Crescent) would consider selling its shares in ClearView and was likely to entertain future control proposals.
"The board has been soliciting and will evaluate proposals in the interests of all shareholders and has appointed Morgan Stanley Australia Securities Limited to assist in evaluating any strategic options or proposals," it said.
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