ClearView Investor Presentation Year Ended 30 June 2024

ClearView Results FY24 Investor Presentation 22 August 2024

Nadine Gooderick Managing Director

Athol Chiert Chief Financial Officer

ClearView is a dynamic challenger with significant momentum

ClearView’s strategic execution is tracking to plan – achieved through simplification (focus on life insurance), progressing transformation program, enhancing adviser accessibility and being easy to do business with

Increasingly attractive Life Insurance market • Industry has returned to growth following structural and regulatory changes • Positive outlook for Retail market is supported by market consolidation and stabilisation of adviser channel • ClearView operates in the Retail segment

Strong financial performance & outlook • ClearView’s market share is increasing in a growing market, with a focus on quality sustainable earnings • Group Underlying NPAT (from continuing operations) up 25% to $35.3m in FY24 under new accounting standard AASB 17 • Life Insurance business to continue to support double digit Underlying NPAT growth • Business is in a net capital generation position Launch of new sustainable product range in line with structural industry changes • Flagship ClearChoice product range launched in October 2021 to address industry sustainability issues – well received by market • Enhancements to ClearChoice flagship product suite have resulted in continued market outperformance - includes targeted segmentation and pricing using data insights • Confidence to increase exposure to underwriting risk for new business from 1 October 2023 • ClearChoice 24 refresh step towards product innovation and sustainability measures for TPD products

Established distribution network and challenger brand in financial advice market • ClearView has a proven track record as a challenger brand in the IFA market • Focus is on maximising penetration by being easy to do business with • Depth of life insurance expertise across teams

Technology and transformation • Well-progressed on transformation journey to build the foundation for scalable growth, agility and speed to market • Expected to result in significant competitive advantage via single, modern technology platform • Further delivers significant product flexibility for future opportunities • Migration of in-force portfolios onto new (cloud-based) technology platform on track for completion in 1H FY26

Financial highlights and FY26 goals

Group Underlying NPAT (from continuing operations) up 25% to $35.3m in FY24 under new accounting standard AASB 17; final FY24 dividend of 1.7cps (total of 3.2cps)

Life Insurance Underlying NPAT Margin

In-force Premium Market Share

Fully franked FY24 dividend 3.2cps 60% payout Fully franked FY23 dividend 3.0cps 54% payout

Gross Premiums $325.1m

New Business Market Share

FY23 Actual

9.9% 1

9.2%

3.2%

+9%

Life Insurance Underlying NPAT Margin 11.0%

In-force Premium Market Share

Gross Premiums $358.1m

New Business Market Share 11.0%

FY24 Actual

+11% +10%

3.5%

In-force Premium Market Share

Life Insurance Underlying NPAT Margin 11%-13%

Dividend Policy

Gross Premiums

New Business Market Share 12%-14%

FY26 Goals

40%-60% of Underlying NPAT

$400m+

~4%

1. FY23 Underlying NPAT margin restated to 9.9% (from 9.7%) to remove impacts on Underlying NPAT from changes in claims assumptions in FY23 to ensure consistency between periods.

FY24 are the first results that ClearView is providing under the new accounting standard AASB 17 – it does not impact the economics of the business, financial strength, claims paying ability or dividend capacity – it impacts the timing of recognition of insurance earnings, not the quantum in total ClearView has adopted AASB 17 for first time

FY23 Comparison

Key AASB 17 Impacts

Commentary

FY23 AASB 17 (New Basis)

FY23 AASB 1038 (Old Basis)

FY24 AASB 17 (New Basis)

Metric

• No change in operating metrics • No change in product cash flows • No change in Embedded Value methodology and calculations 1 • No change in FY26 financial goals • No impact on capital requirements • Change in timing and pattern of profit recognition including accelerated write off of upfront acquisition costs • Different recognition (timing) of certain items such as capitalised losses, lapses and premium rate increases • But overall no change to profitability that remains the same over life of insurance contract

$339.3m

$373.9m

No change

In-force Premiums

No change

New Business Sales

$25.2m

$33.7m

Pattern of profit release

Life Underlying NPAT

$32.2m

$40.4m

$39.5m

Interest rates and pattern of profit release

$16.6m

$24.8m

$9.1m

Life Reported NPAT

$591.1m

Embedded Value 2

$587.1m

No change 1

Opening write off (timing) but material tax benefit

$393.4m

$485.3m

$353.2m

Net Assets

The net impact is that the operating metrics do not change but the timing and profit recognition patterns are impacted for a fast growing life insurance business like ClearView. FY24 Life Insurance Underlying NPAT is up 23% to $39.5m under new standard – the life insurance business is expected to continue to support double digit Underlying NPAT growth as previously communicated. Group dividend up 7% but lags growth in Underlying NPAT due to adoption of new standard (prior year dividend was calculated on old basis)

1. No changes from AASB 17 have been allowed for, in particular from a change in timing of tax payments given the change in timing of profit release – all other product cash flows remain unchanged 2. Embedded Value at 4% discount rate margin, including a value for future franking credits, accrued franking credits and ESP loans.

Simplified business focused solely on life insurance

Support FY26 Target Outcomes

Our Strategy

Key Highlights

• New business momentum, product and channel focus driving growth • New business up 34% to $33.7m • New business market share of 11.0% (up from 9.2% in FY23) • Gross premiums up 10% to $358.1m • In-force premiums up 10% to $373.9m • In-force (advice) market share of 3.5% (up from 3.2% in FY23) • Depth of life insurance expertise across organisation • Increased exposure to underwriting risk for new business from 1 October 2023 • Multi year IT and back-office investment : • Phase 1 - enhancement and build out of new technology platform and back- end functionality now completed – operational for new business • Phase 2 commenced - migration of existing (closed to new business) in-force policies onto new functional platform • Full exit from financial advice completed; significant progress in wealth exit • Life Underlying NPAT margin of 11.0% • Group Underlying NPAT from continuing operations up 25% to $35.3m • Life Insurance business to support double digit Underlying NPAT growth • Business is in a net capital generation position • Introduction of interim dividend fully franked (1.5 cps) paid in March 2024 • FY24 final dividend fully franked (1.7 cps) payable in September 2024 (brings total FY24 dividend to 3.2 cps at top end of payout ratio range) • Dividend range to be uplifted post completion of IT transformation investment and wealth management exit to 50%-70% of Underlying NPAT subject to the capital requirements of the business at the time.

• IT and back-office investment and operational efficiencies from new platform key part of FY26 targets • Operational efficiency benefits of technology investment to be achieved post completion of Phase 2 with target completion in 1H FY26 • Scale benefits, increased exposure to underwriting risk for new business, and operational efficiency from IT investment supports margin accretion (over time)

Simplified business model and transformation

Focus on being easy to do business with

In-force Premium Market Share

New Business Market Share 12%-14% $400m+ Gross Premiums

~4%

Driving business performance

Life Insurance Underlying NPAT Margin 11%-13%

Dividend Policy

40%-60% of Underlying NPAT

ClearView is gaining new business market share in a growing market

New business up 34% to $33.7m in FY24 with 11% market share

Challenger in IFA market • Sales momentum and growth continued in FY24 • New sales of $33.7m (up 34%) • New business market share up to 11.0% – increasing from 9.2% • Reflects a “step-change” in the sales momentum since Q4 FY23 aligned to overall market growth • Market growth of 11% to circa $300m of new sales - driven by improving industry dynamics and adviser productivity supported by underlying demand for life insurance products • ClearView is gaining new business share - growing market • Deep distribution relationships, quality of new product and data/ analytics focus is driving new business share gains • Strongly positioned to take further advantage of market rebound

FY26 Target New Business Market Share 12%-14%

IFA New Business ($m) and Market Share (%)

Launch of technology platform for new business

12.00%

42.3

11.0%

40.3

39.2

10.00%

34.7

9.2%

33.7

8.6%

19.7 7.6%

17.3

19.7

8.00%

27.5

25.2

24.3 5.9%

6.6%

23.6

6.3%

16.2

20.2

6.00%

5.2%

16.3 5.1%

14.3

17.0

10.1

13.9

12.1

4.0%

9.8

4.00%

3.1%

8.4

7.9

22.6

21.9

20.6

2.1%

17.5

15.7

2.00%

14.2

13.2

3.7

11.5

11.3

10.4

8.6

8.4

0.5%

New business market share 11% of IFA market

0.2 3.5

0.00%

FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21A FY22A FY23A FY24A 1H 2H Column2 NB Mkt Share

Consistent YoY growth of in-force premium since entry in IFA market

In-force portfolios should trend to higher new business share (over time) which underpins the growth profile

Strong track record of in-force premium growth since entry into retail market in FY12 • ~$18B life insurance market across retail, group and direct to consumer channels • ClearView only participates in the ~$9.6B retail life insurance advice channel • Overall growth in industry is underpinned by longer term sustainable factors such as population growth, ageing population, inflation and household wealth, income and debt levels • ‘Start up’ in adviser channel in FY12 - in-force premiums in adviser channel up 12% to $341.9m • In-force market share of 3.5% of IFA market (stock) whilst new business share of 11% (flow) • New business market share circa 3 times in-force market share

FY26 Target In-force Premium Market Share

~4%

Advice In-force ($m) and Market Share (%)

100 150 200 250 300 350 400

3.5%

375

3.2%

3.0%

2.9%

342

2.8%

2.6%

306

277

2.2%

255

1.8%

235

215

1.4%

184

1.0%

146

0.7%

106

In-force market share 3.5% of IFA market

0 50

0.1% 0.3%

FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21A FY22A FY23A FY24A FY26 Target CVW Advice IF IF Mkt Share

ClearView overview and strategy

1. SFT relates to the successor fund transfer of the ClearView Retirement Plan and related unwind of the life investment contracts.

How do we achieve growth – next phase

Our goal is to be the best at Life Insurance, moving from a mid-tier to top-tier player How will we achieve this ambition?

NON-CORE

CONTINUE

START Horizon 2

Horizon 1

Diversify earnings through test and learn

Execute Distribution Strategy

Wealth business

Strategic Transformation

Build Strong BAU Foundation • High performance culture, capability, and management • Sustainable and aligned products to meet customer needs – annual refresh • Nimble and pro- active with a single focus to harness ClearView’s unique culture, size and collective expertise

Amplify Retail Growth

• Full exit of wealth management targeted by Q3 FY25 • Allows focus on core Life Insurance business • Implement Life only target operating model

• Complete

• Specific product / target market focus • Stay ahead of curve by increased sophistication of data analytics • Prepare for new cohort of financial advisers that are using digital customer engagement tools

• Expand IFA distribution

• Investigate feasibility of

migration onto new platform • Progress Workflow and Portal further releases • Progress operations transformation program

relationships and APLs

diversification options – Retirement and Customer-led opportunities to build Group capability

• State based

distribution model with aligned interests, loyalty and brand recognition • Target to be top 3 insurer for advisers to earn appropriate share of wallet

• Identify

MARGIN FOCUS TO DRIVE VALUE FOR CUSTOMER

ClearView objectives To support the corporate vision, ClearView has articulated its key focus objectives aligned to purpose, people and performance

Customer Outcomes

Business partner outcomes

Community impact

Earnings / Return on capital

People Outcomes

Capital adequacy

Be a trusted brand to deliver on obligations through prudent capital approach

Support Australians and their families to achieve peace of mind for the future, by being easy to do business with

Be fair and transparent with business partners to support long term relationships

Be a positive force for the community by protecting the financial wellbeing and resilience of Australian society

Grow the economic value of the company, reflected in share price, stable return on capital and regular dividend

Be an employer of choice, with a high- performance culture and collegiate small company feel

PURPOSE

PEOPLE

PERFORMANCE

FY24 result

FY24 Group result – AASB 17 basis

FY24 result reflects increased rates, strong revenue growth and positive business momentum. Life insurance business performance expected to continue to support double digit Underlying NPAT growth as previously communicated

Underlying NPAT by Segment, $M

FY24 FY23 4

% 1

Continued growth in FY24: • New Business up 34% to $33.7m • In force premiums up 10% to $373.9m • Group Underlying NPAT from continuing operations up 25% to $35.3m • Life Underlying NPAT margin of 11.0% • Performance driven by strong new business volumes, inflation linked premiums, higher interest rates and positive lapse experience, offset by adverse income protection and TPD claims experience Wealth management business continues to be treated as a discontinued operation: • Significant progress made in exit in FY24 with retirement as trustee (December 2023) and sale of investment management business (January 2024) with proceeds of $4.9m (loss on sale of $2.1m) Sale of 24.4% interest in Centrepoint Alliance: • Full exit from financial advice via sale of equity interest in November 2023 with proceeds of $15.2m (gain on sale of $2.2m) Exit of wealth management and financial advice aligned to core focus of being a life risk insurance provider

Life insurance

39.5 (4.2) 35.3

32.2 (3.9) 28.2

23% 10% 25%

Listed/Group costs

Group Underlying NPAT from continuing operations 3

Financial advice – interest in Centrepoint Alliance

2.8

0.7 Large

Wealth management – discontinued operation

(4.6) 33.5

(2.7) 26.2

Large

Group Underlying NPAT

28%

Key financial metrics, $M unless otherwise stated

FY24 FY23

% 1

New business

33.7 374

25.2 339

34% 10%

In-force premiums

Life Underlying NPAT margin 2 (%)

11.0% 9.9% +110bps

% change FY23 to FY24

2. FY23 Underlying NPAT margin restated to 9.9% (from 9.7%) to remove impacts on Underlying NPAT from changes in claims assumptions in FY23 to ensure consistency between periods 3. A reconciliation of statutory profit to Group Underlying NPAT from continuing operations is provided on Slide 16 4. FY23 restated on AASB 17 basis. FY23 Group Underlying NPAT from continuing operations restated from $27.5m due to changes in claims assumptions in FY23 to ensure consistency between periods

Strong track record of top line growth

FY24 gross premiums up 10% to $358.1m - driven by market share gains (new business flows) and inflation linked premiums, with lapses largely in line with expectation. Gross premium for the period broadly reflects average in-force premiums

FY26 Target Gross Premiums across channels $400m+

Gross Premium - $m

Consistent top line growth since entry into IFA market in FY12 FY24 total in-force premiums $374m +10% Adviser channel in-force premiums $342m +12%

358.1

325.2

299.7

278.2

260.0

180.1

233.6

165.2

215.2

152.1

139.8

177.7

400.0

131

116.6

138.3

110.5

105.1

93.3

76.8

73.4

178.0

55.1

55.5

147.6 160.0

20.1 20.8 40.9

-4%

129.0 138.4

40.6

104.7 117.0

Closed non advice portfolios in run off $32m

84.4

25.9 29.2

64.9

49.6

36.2

FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21A FY22A FY23A FY24A FY26 Target 1H 2H

With a focus on profitable growth

FY24 Life Insurance Underlying NPAT up 23% to $39.5m; Underlying Life NPAT margin of 11.0% - AASB 17 basis

400 FY26 Target Life Insurance Underlying NPAT Margin 11%-13%

Underlying NPAT margin of life insurance business: • Improved margin between periods reflects interest rate changes, strong business momentum and performance (benefits of transformation program) • FY24 Underlying NPAT margin of 11.0% - impacted by TPD and income protection claims • Claims assumptions updated to reflect increased TPD and income protection claims costs 2 • Further phase of the gross premium repricing cycle in CY25 to cover the increased claims and (if applicable) reinsurance costs across these products 3 • The above has been allowed for in FY26 target margin range of 11% - 13% • Improving target margin range (over time) driven by scale benefits, increased exposure to underwriting risk for new business (from 1 October 2023) and operational efficiency savings from IT investment (FY26)

Life Underlying NPAT ($m) and Margin (%)

FY24: 11.0%

21.00%

325.2 FY23: 9.9% 1

358.1

19.00%

350

17.00%

300

15.00%

250

13.00%

200

180.1

178

11.2%

165.2

11.00%

160

10.5% 10.9%

150

9.2%

9.00%

100

7.00%

39.5

32.1

5.00%

20.1

19.4

17.4

14.7

3.00%

FY23 1H FY23 2H FY24 1H FY24 2H

FY23

FY24

Gross Premium

Life Insurance Underlying NPAT

Underlying NPAT margin

1.2H FY24 Underlying NPAT margin restated to 10.5% (from 10.1%) to remove impacts on Underlying NPAT from changes in claims assumptions in FY23 to ensure consistency between periods. FY23 total margin restated to 9.9% (from 9.7%) 2.FY24 claims assumption changes include updates to the incurred but not reported claims delay assumptions, in particular in relation to TPD claims 3.Ability to change premium rates (subject to competitor and customer pricing risks) to allow for any change in assumptions and reinsurance costs (if applicable)

Underlying NPAT is Board’s key measure of profitability and basis on which dividends are determined – considered to be a non-IFRS measure given that it excludes certain items not considered relevant to Group’s performance or are considered unusual to ordinary activities of business Non-IFRS Financial Information FY24 $m FY23 $m Explanation AASB 17 AASB 17 Commentary Reported NPAT Statutory reported profit (loss) after tax (12.5) 8.9 As per statutory accounts Reported NPAT Discontinued Operations Reported loss after tax of wealth management business (discontinued operation) net of equity accounted earnings of Centrepoint Alliance (to date of sale) and profit on sale of shares in Centrepoint Alliance in November 2023 16.8 2.8 FY24 wealth management reported loss after tax includes impairment of goodwill and intangibles (software), exit costs and loss on sale in investment management business. Remaining wealth exit costs related to redundancies and technology exit costs to flow through in FY25 on completion of exit

Reported NPAT from Continuing Operations Economic assumption impact on AASB 17 Liability

4.3

11.7

Result of changes in long term discount rates used to determine (re)insurance contract asset/liability which is discounted using market discount rates that typically vary at each reporting period. ClearView continues to separately report this volatility – the acquisition cost asset is no longer marked to market under AASB 17 Changes in the long-term discount rates used to determine the incurred income protection claims reserves, net of investment income impact including earnings from changes in asset market values due to changes in long term interest rates and inflation Relates to non-cash impairment of acquisition cost asset and represents a timing difference in the release of profit and has no impact on underlying earnings over the life cycle of a policy – see slide 38 for further details Given capitalised nature of these losses and the level of granularity of reporting under AASB 17, these have now been separately reported and removed from underlying earnings under the new standard Under AASB 17 certain timing issues arise whereby the impact on reinsurance profits is recognised faster than the reduction to profit on gross contracts. This is due to two factors, being the pattern of coverage units which are used to release the CSM into profit results in earlier recognition of reinsurance profit or loss than for gross contracts and in the first year of any assumption change, the impact on gross contracts is lower than the impact on reinsurance contracts due to the different contract boundaries Costs associated with the strategic review and IT (PAS) transformation

2.2

(3.0) Impact of changes in long-term discount rates on AASB 17 insurance contract liability in the year, including economic effects of assumption changes (FY23 restated to allow for consistency between periods). Similar concept as adopted under old accounting standard 2.3 Consistent treatment as previously adopted under the old accounting standard with the underlying earning rate of the investment portfolio being reported as part of Underlying NPAT 10.0 The increased claims and other assumption changes has a material impact on loss recognition and AIACF impairment in FY24. A further phase of the gross premium repricing cycle in CY25 (to cover the increased claims and reinsurance costs across these products) is likely to result in the FY24 loss component/AIACF impairment partially reversing in FY25 (timing variant to premium rate increase) 4.6 See AIACF commentary above on the impacts of change in assumptions on the Loss Component (loss recognition) in FY24 (and potential partial reversal in FY25) - The increased claims assumptions, reshaping of lapse assumptions and other assumptions changes in FY24 result in a current year (positive) timing impact on the CSM that is excluded from Underlying NPAT, but included in reported profit

Net economic assumption impact on disabled lives reserves (DLR)

(0.8)

16.3

Impairment of AIACF

Changes in Loss Component

12.2

(2.3)

Current year timing impacts of assumption changes on the contractual service margin (CSM) Costs considered unusual to ordinary activities Underlying NPAT from Continuing Operations

3.4

16 2.6 Strategic review costs ceased in FY24. IT transformation and duplication costs to be incurred to date of migration - expected to be completed in 1H FY26 28.2 Board’s key measure of profitability and basis on which dividends are determined

35.3

Net assets are backed by cash and highly rated securities - balance sheet provides strong downside protection due to its high level of net tangible assets. Transition to AASB 17 (1 July 2022) resulted in a reduction in net assets of $83.6m (after tax) and creation of a deferred tax asset of $35.9m Balance sheet strength

Net Assets - $m $353.2

Net Capital Position 3 - $m

Adjustment includes DTA 2 of $43.8m that will generate capital as losses are utilised in foreseeable future

$101.3

Investment in highly rated interest portfolio externally managed – cash and investments of $523.6m

Net surplus capital of $27.1m 1 including release of capital from wealth exit and review of target risk capital, net of dividends paid

$422.3

Tier 2 Subordinated Notes and NAB Debt Facility - corporate debt of $105.5m

$(105.5)

$(64.9)

Net assets

Corporate debt

Other net liabilities Investments Cash

1. Includes benefit of $15.9m from treatment of capitalised software asset. Capitalised software asset is held by the administration entity with 50% of the carrying value removed as part of the intangible adjustment. 2. 1 July 2022 opening Balance Sheet impact on net assets for in-force business as at the transition date has an impact of $83.6m after tax. As a result of the transition to AASB 17, the Group’s accounting net of reinsurance life insurance contract liability, for which the carrying amount will be settled in future periods has increased. This results in the recognition of a deferred tax asset of $35.9m, given the movement in the net life insurance contract liability is deductible when settled in the future. While the Australian Taxation Office (ATO) and Treasury has yet to provide any announcement or guidance in respect of the AASB17 impacts on life insurance companies, there is no indication that AASB 17 will result in a change to the income tax laws. Given that it is probable that the Group’s future taxable profit will be available against which the tax losses can be utilised, the additional deferred tax asset of $35.9m has been recognised on balance sheet on transition. Total Group deferred tax asset (related to Group carried forward losses) of $43.8m as at 30 June 2024 – this tax (capital) benefit should be realised in future periods as the losses are utilised 3. Net capital position of $27.1m stated prior to FY24 final dividend; includes a capital release of $5.9m from the sale of the investment management business to Human Financial on 31 January 2024 and $5.2m from the sale of the shareholding in Centrepoint Alliance in November 2023. Net capital position is stated after the payment of the FY23 and HY24 cash dividends of $29.7m in the financial year.

Capital generation

The life insurance in-force portfolios generate significant capital which is subsequently reinvested into new business generation

Life Insurance Underlying Before Tax 3 Capital Generation 1 - $m

ClearView continues to generate capital from its in-force portfolios 1 prior to reinvestment in new business: • New business capital utilisation is related to upfront policy acquisition costs – varies between periods dependent on new business volumes • Each year, these acquisition costs 2 are recovered via premiums and are repaid over the life of the policy (subject to lapse risk) • In-force capital generation reflects a combination of the Underlying NPBT achieved and policy acquisition costs released (collected) from the in-force portfolios in a particular financial year • FY24 prepared on a AASB 17 basis – AIACF asset is now held on Balance Sheet for stepped premium business

86.2

69.3

50.3

48.2

43.3

32.0

26.4

13.8

11.5

8.1

-29.5

-38.8

-40.1

-42.9

-54.2

FY20

FY21

FY22

FY23

FY24

New Business Capital Utilisation

Underlying NPBT and inforce Generation

Net Generation Before Tax

1. Excluding costs considered unusual to ordinary activities in each relevant financial period (as disclosed), tax and growth in regulatory and ICAAP reserves. Excluding capital expenditure investment. Life Insurance business only – excludes listed segment. 2. Deferred acquisition costs are the upfront costs associated with policy acquisition that are collected via the premiums from policyholders over the life of the policy. 3. Life insurance Underlying NPBT has been defined as the Life Insurance Underlying NPAT adjusted for tax at 30%.

Embedded value (EV) represents the discounted cash flow of in-force portfolio – no new business is included in calculations. EV has been prepared on a consistent basis - no allowance in future projections for changes to tax cash flow given changes to timing of profit release on adoption of AASB 17 Embedded value at 30 June 2024

Discount rate

7% 8% 9% 3% dm 4% dm 5% dm

Risk margin over risk free rate 1 ($M), (unless otherwise stated) Life insurance

Risk free rate has remained unchanged at 4%: • The Life Insurance EV increased by 9.4% to $608.1m, including franking credits • Wealth Management segment continues to be reflected at net assets and included in net worth $3m (FY23: $17m) • Listed segment of -$20.1m driven by the payment of the cash dividends in the year (- $29.7m) • Overall EV is therefore $591.1m or 91.4cps including franking credits or $509.5m or 78.8cps excluding franking credits net of dividends of 4.5cps paid during year • A risk free rate of 4% has continued to be adopted

522.7 502.3 462.3 522.7 502.3 462.3

Value of In Force (VIF)

Net worth Total EV 3

6.3

529.0 508.6 468.6

ESP Loans 2

0.9

529.9 509.5 469.5

Total EV including ESP Loans Franking Credits @ 70%: Life Insurance Net worth (accrued franking credits)

79.9

75.3

71.3

6.3

86.2

81.6

77.6

Total Franking Credits

616.1 591.1 547.1

Total EV including ESP loans and franking credits EV per Share including ESP Loans (cents)

81.9 95.2

78.8 91.4

72.6 84.6

EV per Share including ESP Loans and Franking Credits (cents)

1. EVs have been presented at different ‘discount margin’ rates over the assumed long-term risk free rate reflected within the underlying cash flows valued. “DM” represents the discount rate risk margin which refers to the margin above the assumed long-term risk free rate. The long-term risk free rate adopted for the FY24 EV is 4% (FY23: 4%). As at 30 June 2024 unless otherwise stated 2. ESP loans are a non-recourse loan that is accounted for as an option and not reported as a receivable on the Balance Sheet as at the reporting date. Based on the 90 day VWAP share price of 57.74 cents per share at 30 June 2024, of the remaining 6.1 million ESP shares on issue (and included in the total shares on issue of 651.0 million), 2.1 million ESP shares are considered to be in the money with a ESP loan recoverable balance of $0.9 million. 4.0 million out of the money ESP shares could therefore be bought back, thereby reducing the shares on issue to 647.0 million shares. As such, $0.9 million of ESP loans have been added to the net assets and 647.0 million shares on issue have been used for the purposes of calculating the net asset value per share. On a fully diluted basis, net of 2.6 million treasury shares, a further 9.1 million performance and restricted rights can be converted into ordinary shares - these have been excluded for the purposes of the calculation. 3. Assumptions used in the EV are consistent with best estimate assumptions in the statutory insurance contract liability valuation, with the exception of the assumed gross premium repricing cycle in CY25 across the relevant products to cover the claims cost assumption changes

Outlook

FY25 outlook

Focus on Life Insurance

Continue Transformation

Financial Outlook

• Implementation of IT transformation strategy • Enhancement and build out of technology platform has progressed significantly with Phase 1 of back-end functionality now completed • Phase 2 now underway for migration of existing in-force onto new functional platform to achieve scale and efficiency benefits of technology investment (FY26) • Workflow and portal in development

• Life insurance business performance expected to continue to support double digit Underlying NPAT growth 1 as previously communicated • FY26 target Underlying NPAT margin range of 11% -13% • Introduction of interim dividend in HY24 after period of transformation and investment (paid March 2024) • FY24 final fully franked dividend of 1.7 cps - represents 60% payout ratio at top end of target payout ratio • Dividend range to be uplifted post completion of IT transformation investment and wealth management exit (reflects capital generation position)

• Business simplification leads to core focus on life insurance • Continue market outperformance in profitable segments including further market share gains (in a growing market) • Increased exposure to underwriting risk (for new business only), thereby improving margin (over time)

• Complete exit from wealth management business expected by Q3 FY25

• Continue capability uplift - new leaders across key business areas

1. Subject to achieving the assumptions set in relation to claims, expenses and lapse experience in Board approved FY25-27 business plan.

Underlying NPAT Glossary

Underlying NPAT is used as a non IFRS measure of earnings that excludes the impacts of market and interest rate volatility, with the definition updated to reflect the application of AASB 17. Underlying NPAT has been defined as the consolidated profit after tax excluding the effects of economic changes on both the AASB 17 insurance contract liability and the incurred income protection disabled lives reserves, the (non-cash) impairment of the asset for acquisition cash flows (AIACF), changes in the loss component that is predominantly driven by the level premium business, current year timing impacts of assumption changes on the contractual services margin and any costs considered unusual to the Group’s ordinary activities. Underlying NPAT includes the amortisation of capitalised software and leases, underlying investment income (the portfolio carry yield on the investment portfolio and interest rate earned on physical cash holdings), costs associated with the incurred claims reinsurance treaties and interest costs associated with corporate debt and Tier 2 Capital.

Underlying NPAT (from continuing operations) Underlying NPAT excluding the wealth management business (discontinued operation), the equity accounted earnings of Centrepoint Alliance from the date of completion (1 November 2021) and the profit on sale of the shares in Centrepoint Alliance in November 2023. No adjustments have been made in each relevant period for stranded costs or other internal charges as a result of the exit of the financial advice and wealth management businesses. From continuing operations Includes Life Insurance business unit and the listed segment; excludes the wealth management business (discontinued operation), the equity accounted earnings of Centrepoint Alliance from the date of completion (1 November 2021) and the profit on sale of the shares in Centrepoint Alliance in November 2023. New Business Market Share ClearView calculations based on NMG Risk Distribution Monitor Reports for Retail Advice New Business Analysis for relevant periods – NMG Market analysis includes total of 'Retail' consistently applied (that is, IFA, Bank Advice and Aggregator channels). FY24 new business market share based on NMG Risk Distribution Monitor Reports for Retail Advice New Business Analysis based on rolling 12 months to 31 March 2024.

In-force Market Share

ClearView calculations based on NMG Risk Distribution Monitor Reports for Retail Advice In-force Analysis for relevant periods – NMG Market analysis includes total of 'Retail' consistently applied (that is, IFA, Bank Advice and Aggregator channels). FY24 in- force market share based on NMG Risk Distribution Monitor Reports for Retail Advice In-force Analysis as at 31 March 2024.

FY26 Goals

FY26 goals based on AASB 17 FY25-27 business plan forecasts approved by the Board on 16 July 2024.

Life Insurance Underlying Margin

Is calculated as Life Insurance Underlying NPAT divided by Gross Premium Income.

Income protection (monthly paying benefit)

TPD

Total and permanent disablement (lump sum benefit)

For further information, please contact:

Investor inquiries Trevor Franz Principal, Catapult Partners E: trevorfranz@catapultpartners.com.au

Media inquiries Emma Hawke Head of Communications E: emma.hawke@clearview.com.au

Appendix Additional Financial Information

AASB 17 Financial Information (Management View)

Consolidated FY24 results (AASB 17): Management View - Reconciliation of Underlying NPAT to Reported NPAT 1

2024

2023

Change 2

Consolidated Profit or Loss¹ Gross life insurance premiums Interest and other income 3

FY23 325.1

FY24 358.1

160.0

165.2

178.0

180.1

10% 28% 11% 33% 35%

10.9

14.0

4.6

6.4

7.2

6.8

164.6 (66.2)

171.5 (66.6)

336.1

185.2 (84.1)

186.9 (91.9)

372.1

Gross Income

(132.8)

(176.0)

Claims incurred (gross) Reinsurance recoveries

94.9

127.8

46.6

48.3

61.5

66.3

(123.2)

(130.2)

Reinsurance premium expense

(61.3) (33.4) (31.3)

(61.9) (35.3) (33.6)

(64.1) (41.0) (34.7)

(66.1) (41.3) (34.5)

(68.7) (64.9)

(82.3) (69.2) (10.0)

Commission & other external expenses

20%

Operating expenses

(8.1)

(3.8)

(4.2)

(4.9)

(5.1) 10.9 25.0 (7.0) 18.0

Interest on debt & facility fees 3

23%

6.8

17.4 49.5

2.9

3.9

6.5

Other movement in insurance contract liability

Large

Underlying NPBT

18.0 (5.4) 12.7

22.1 (6.5) 15.5 (1.0) (1.7) 12.8

40.1

24.5 (7.2) 17.3

23% 19% 25%

(11.9)

(14.2)

Income tax (expense) / benefit

28.2

35.3

Group Underlying NPAT from continuing operations Financial Advice – Interest in Centrepoint Alliance

0.7

2.8

1.7

2.8

Large

(2.7) 26.2

(4.7) 33.5

Wealth Management - Discontinued operation

(1.0) 13.4

(1.9) 18.3 (1.3)

(2.8) 15.2

74% 28%

Group Underlying NPAT Change in loss component

(4.6)

(12.2)

(1.2)

(3.5)

(10.9)

Large Large Large

3.0

(2.2)

Economic assumption impact on AASB17 liability

2.4 0.3

0.6

1.5 1.2

(3.7) (0.4) (7.5)

(2.3)

0.8

Net economic assumption impact on disabled lives reserves (DLR)

(2.6) (5.0)

(10.0)

(16.4)

Changes in AIACF impairment

(5.1)

(8.9)

64%

2.3

- -

2.3

Current year timing impacts from assumption changes on CSM

NM NM

(0.8) (2.6)

(14.9)

Wealth Management exit

(0.8) (1.1)

(14.1)

(0.8) (1.5) (7.2)

(3.4)

Costs considered unusual to ordinary activities

(1.4)

(1.9) (5.3)

31%

8.5

0.4

8.9

(12.5)

Reported NPAT

1. Management view under AASB 17 basis. Wealth management excludes the life investments contracts (that is, unit linked business) and reflects fees earned by the shareholder less expenses incurred. Inter-segment revenues/expenses are not eliminated in the management view. 2. % change represents the movement from FY23 to FY24. 3. Underlying investment income includes the portfolio carry yield on the investment portfolio and interest rate earned on physical cash holdings. Interest cost on corporate debt includes Tier 2 subordinated debt costs and costs on the bank debt facility. Excludes interest on discontinued operations

FY24 Result (AASB 17) - Life insurance management view

2024

2023

Change

FY23

FY24

Life Insurance Profit or Loss 2 Gross life insurance premiums

165.2

325.1

358.1

160.0

178.0

180.1

10%

5.8

10.0

12.6

Interest Income

4.2

6.4

6.2

26%

(1.4)

(2.7)

(3.1)

Interest on Tier 2

(1.3)

(1.5)

(1.6)

15%

(66.6)

(132.8)

(176.0)

Claims incurred (gross)

(66.2)

(84.1)

(91.9)

33%

48.3

94.9

127.8

Reinsurance recoveries

46.6

61.5

66.3

35%

(61.9)

(123.2)

(130.2)

Reinsurance premium expense

(61.3)

(64.1)

(66.1)

(35.3)

(68.7)

(82.3)

Commission & Other External

(33.4)

(41.0)

(41.3)

20%

(33.2)

(63.7)

(67.9)

Operating expenses

(30.5)

(34.1)

(33.8)

3.9

6.8

17.4

Other movement in insurance contract liability

2.9

6.5

10.9

Large

(7.4)

(13.7)

(16.9)

Income tax (expense) / benefit

(6.3)

(8.3)

(8.6)

23%

17.4

Life Insurance Underlying NPAT

14.7

32.1

19.4

20.1

39.5

23%

(3.4)

(4.6)

(12.2)

Change in loss component

(1.2)

(1.3)

(10.9)

Large

0.6

3.0

(2.2)

Economic assumption impact on AASB17 liability

2.4

1.5

(3.7)

Large

(2.6)

(2.3)

0.8

Net economic assumption impact on disabled lives reserves (DLR)

0.3

1.2

(0.4)

Large

(5.0)

(10.1)

(16.4)

Changes in AIACF impairment

(5.1)

(8.9)

(7.5)

64%

2.3

Current year timing impacts from assumption changes on CSM

2.3

(0.4)

(1.5)

(2.8)

Costs considered unusual to ordinary activities

(1.1)

(1.6)

(1.2)

87%

6.5

Reported NPAT

10.1

16.6

10.3

(1.2)

9.1

(45%)

1. % change represents the movement from FY23 to FY24. 2. Management view under AASB 17 basis

FY24 Result - Life insurance key statistics

2021

2022

2023

2024

2H FY21

FY22

2H FY23

FY24

Key Statistics And Ratios ($M)

25.2

New Business (Advice)

16.3

20.2

33.7

8.4

7.9

10.4

9.8

11.3

13.9

17.5

16.2

339.3

In-Force - Total

289.9

311.4

373.9

282.0

289.8

297.3

311.4

325.1

339.3

359.2

373.9

305.9

254.5

276.5

341.9

In- Force (Advice)

246.6

254.5

262.1

276.5

290.9

305.9

326.5

341.9

260.6

266.3

269.7

270.2

LifeSolutions

246.6

254.5

266.3

271.4

268.2

1.5

10.2

21.2

35.7

ClearChoice

—

— —

10.2

55.1

73.7

33.4

In- Force (Non-Advice)

35.2

34.9

34.2

33.4

35.4

35.3

34.9

32.0

32.6

32.0

19.6%

Cost to Income Ratio

19.5%

20.2%

19.0%

18.9% 20.1%

19.8% 20.5%

19.1% 20.1%

19.2% 18.8%

FY24 Result - Listed/Group management view

2021

2022

2023

2024

Change 1

Listed Profit or Loss

1H 0.1

2H FY21

1H 0.1

2H FY22

1H 0.4

2H FY23

1H 0.8

2H FY24

0.9

0.1

1.0

1.4

Interest Income

0.0

0.9

0.6

56%

(5.4)

(2.8)

(3.8)

(6.9)

Interest on debt & facility fees

(1.0)

(1.8)

(1.9)

(2.0)

(2.6)

(2.8)

(3.4)

(3.5)

28%

(1.2)

(1.6)

(1.3)

Operating expenses

(0.7)

(0.4)

(0.7)

(0.8)

(0.4)

(0.6)

(0.7)

1.8

0.8

1.1

2.7

0.3

0.5

0.7

0.4

0.9

1.1

1.6

Income tax (expense) / benefit

50%

(3.9)

Listed Underlying NPAT from continuing operations

(1.4)

(1.7)

(3.1)

(1.9)

(1.4)

(3.3)

(2.1)

(1.8)

(2.1)

(4.2)

0.7

1.0

(0.2)

2.8

0.9

0.1

(0.5)

0.2

1.7

(1.0)

2.8

Financial Advice - Interest in Centrepoint Alliance

Large

(3.2)

Listed Underlying NPAT

(0.5)

(1.6)

(2.1)

(2.3)

(1.2)

(3.6)

(0.4)

(2.8)

0.7

(2.1)

(1.4)

(56%)

11.5

11.8

(0.3)

Financial Advice divestment

(0.8)

Impairments

(0.8)

(1.1)

(2.4)

(0.6)

Costs considered unusual to ordinary activities

(2.0)

(0.4)

(0.7)

(0.3)

(45%)

(4.3)

6.7

(1.9)

4.7

(0.8)

(3.5)

0.5

(2.5)

(2.0)

Reported NPAT

(0.5)

(1.6)

(2.1)

(53%)

1. % change represents the movement from FY23 to FY24.

FY24 Result – Management View Wealth Management – Discontinued Operation

2021

2022

2023

2024

FY24 Change 2

2H FY21

2H FY22

1H 2H FY23

1H 2H 3

Wealth Management Profit or Loss 1

31.0

29.9

21.3

16.4

Fund management fees

15.5

16.0

13.9

10.9

10.5

10.0

6.4

(23%)

0.4

0.0

0.7

0.6

Interest Income

0.1

0.3

0.0

0.5

0.2

0.4

0.2

(14%)

(5.3)

(4.1)

(2.8)

(1.5)

Commission & Other External

(2.5)

(2.7)

(2.2)

(1.9)

(1.4)

(1.3)

(0.2)

(46%)

(8.6)

(8.1)

(5.6)

(4.5)

Funds management expenses

(4.3)

(4.2)

(3.9)

(2.8)

(2.7)

(1.8)

(20%)

(16.9)

(17.9)

(17.4)

(17.8)

Operating expenses

(8.3)

(8.7)

(8.1)

(9.8)

(8.5)

(8.9)

(9.0)

(8.8)

0.2

1.2

2.0

Income tax (expense) / benefit

0.1

(0.3)

0.4

0.5

0.7

0.8

1.2

67%

Wealth Management Underlying NPAT

0.6

0.1

0.7

1.1

(1.2)

(0.1)

(1.0)

(1.7)

(2.7)

(1.8)

(2.9)

(4.7)

74%

(3.1)

(0.8)

(4.3)

Wealth Management divestment

(1.5)

(1.6)

(0.8)

(1.9)

(2.4)

Large

(10.5)

(12.2)

1.7

Impairment of goodwill and intangibles

Large

(0.2)

0.1

(0.2)

(0.1)

0.1

Costs considered unusual to ordinary activities

1.0

(1.3)

(0.3)

(0.8)

(2.6)

(3.4)

(16.0)

(3.5)

(19.5)

Reported NPAT

(0.8)

(1.7)

(2.5)

Large

1. Management view excludes the life investments contracts (that is, unit linked business) and reflects fees earned by the shareholder less expenses incurred. Inter-segment revenues/expenses are not eliminated in the management view. 2. % change represents the movement from FY23 to FY24. 3. 2H FY24 is reflected post the sale of the investment management business to Human Financial that completed on 31 January 2024.

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