Full Year 2024 Clearview Wealth Ltd Earnings Call Transcript
Key Points
- ClearView Wealth Ltd (ASX:CVW) reported a 25% increase in group underlying net profit after tax to $35.3 million.
- New business market share rose to 11%, with gross premiums up 10% to $358.1 million.
- The company introduced an interim dividend of $0.015 per share and a final dividend of $0.017 per share, bringing the total FY24 dividend to $0.032 per share.
- ClearView Wealth Ltd (ASX:CVW) successfully adopted the new AASB 17 accounting standard, which does not impact the economics of the business.
- The company has a solid balance sheet with net assets of $353.2 million, backed by cash and highly rated securities.
- The business was adversely impacted by total permanent disability and income protection claims experienced during the year.
- The long-term material claims assumptions have been updated to reflect increased claims costs, necessitating further premium repricing in 2025.
- The transition to AASB 17 resulted in an initial net asset reduction of $83.6 million after tax.
- ClearView Wealth Ltd (ASX:CVW) is finalizing its exit from wealth management, which may involve transitional challenges.
- Operational efficiency savings from technology investments are expected but have not yet been fully realized.
Thank you for joining ClearView's full-year results briefing. I'm here today with Athol Chiert, ClearView's Chief Financial Officer. In a moment, Athol will take you through the results in detail. But first, I will provide an overview and business update. There will be an opportunity to ask questions at the end.
ClearView had another strong year with a group underlying net profit after tax of $35.3 million, representing a 25% increase on the previous corresponding period under the new AASB 17 accounting standard. The business continues to drive strong momentum with an environment of favorable market conditions.
Our FY24 highlights include new business market share rising to 11%; gross premiums of $358.1 million, up 10% on the previous corresponding period; and life insurance underlying NPAT margin of 11%. I'm pleased that ClearView introduced an interim dividend this year of $0.015 per share paid in March 2024, in addition to a final dividend of $0.017 per share payable in September 2024. This brings our total FY24 dividend to
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