ClearView Wealth Ltd (ASX:CVW)
A$ 0.59 -0.005 (-0.84%) Market Cap: 383.72 Mil Enterprise Value: 416.63 Mil PE Ratio: 99.16 PB Ratio: 1.08 GF Score: 62/100
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ClearView Wealth Limited - Special Call Transcript

Oct 14, 2020 / NTS GMT
Release Date Price: A$0.34 (+3.03%)
Simon Swanson
ClearView Wealth Limited - MD & Director

Thank you, Christian. And I'm joined by my colleague, Athol Chiert, the Chief Financial Officer of ClearView. This morning, we announced a market update for the first quarter of financial year '21. We did this because we'd given guidance because of the uncertainty surrounding COVID-19. And we just thought it was appropriate at least to allow people to have some information about how the organization is performing in this obviously very difficult time.

Our underlying profit increased by 35% quarter-on-quarter to almost $7 million. Primarily, that was driven by improved claims performance and by improvements in in-force Life Insurance premiums growing up to $276 million. Lapses were slightly higher than expected, but our retention strategies remain in place and are taking effect. And we believe the performance should be measured against our new assumptions that were reflected in our embedded value at the 30th of June. And it's fair to say that we're very comfortable with the way that is performing, including the allowances for potential COVID

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