ClearView FUA hits $8bn
Wednesday, 24 February 2016 12:52pm

ClearView has announced its 2016 interim results, which show funds under advice have risen 9% to $8.1 billion.

Operating net profit after tax for ClearView's advice business was down 63% on 1H15, which ClearView attributed to a "reallocation of part of the dealer group support costs that were previously absorbed by the life insurance segment, coupled with the further investment in adviser support services to support a large adviser base."

The company's life insurance and wealth management businesses performed better in the half-year results, delivering operating NPAT boosts of 66% (to $12.1 million) and 18% (to $1.3 million) respectively.

Overall underlying net profit after tax was $13.4 million, up 35% on the previous corresponding period.

"ClearView has now established a strong platform to drive momentum and has in the first half started to convert its strategic positioning into material earnings growth," said ClearView managing director Simon Swanson.

"ClearView is implementing a high growth strategy with the goal of attaining 5% of the life insurance profit pool, building a material wealth management business and a high quality financial advice business. We are well positioned, notwithstanding recent market volatility, thanks to our Life Insurance and Wealth Management divisions which offer complementary products and services over the economic cycle."

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