ClearView Annual report 2024

Annual Report 2024

Contents

Page 4

Chairman’s address

Page 7

Managing Director’s report

Page 10

Directors’ report

Page 18

Operating and financial review

Page 35

Operating segment review

Page 53

Remuneration report

Page 76

Auditor’s independence declaration

Page 77

Financial report

Page 177

Consolidated entity disclosure statement

Page 178

Directors’ declaration

Page 179

Independent auditor’s report

Page 186

Shareholders’ and note holders’ information

Page 188

Directory

Financial calendar

Annual General Meeting

7 November 2024

Half year end

31 December 2024

Half year result announcement

February 2025

Year end

30 June 2025

Annual report

August 2025

Dates are subject to change

Directors’ Report

Chairman’s address Geoff Black

Financial year 2024 at ClearView was a year of transition as transformation moved to growth and maturity. The business achieved critical key milestones and importantly, built significant momentum in sales, putting ClearView on target to achieve the FY26 goals we set last year. The Board’s confidence in the implementation of ClearView’s strategy was demonstrated in the payment of an interim dividend. Before discussing the company’s performance in more detail it is worth reflecting on the environment that ClearView and our customers across Australia have operated in throughout the period, and how we think it might play out moving forward. Clearly the higher cost of living has been the single most influential factor impacting Australians. Higher inflation has eroded the savings built up through COVID, unemployment is trending higher, and global uncertainty continues to be destablising to markets. Despite government initiatives like the recent energy bill relief rebate and tax cuts, many Australian households will continue to experience cost of living pressures for a few more years at least. All these factors make the role of life insurance and protection even more important, and the cost of insurance a key driver in decision making. ClearView policies provide benefit indexation, ensuring that benefits align with the rising cost of living. Despite this, studies show that Australians are

significantly underinsured by up to $25 billion 1 . A key aspect of our strategy over the next few years is to address this. In my previous Chairman’s address I highlighted our simplification and transformation initiatives. I am delighted to report that we are now transitioning into a growth phase. Whilst we still have some work to complete our transformation journey, we are already seeing the benefits of these changes flowing through in strong premium growth, supported by an uplift in underlying service and efficiencies. This is reflected in the improved acquisition costs per policy achieved this year. Despite Australians remaining underinsured, it is encouraging to see increasing year-on-year life insurance sales across the whole life industry. For the first time in a number of years, industry new business sales increased, up 11% for the rolling 12 months to 31 March 2024, following four years of declining sales. ClearView was well positioned to leverage this opportunity, growing market share of advised new business to 11.0% 2 (FY23 9.2%). In dollar terms, ClearView’s new business premium in FY24 was $33.7 million, up 34% on FY23. A combination of new business growth, policy indexation, and premium rate increases contributed to ClearView’s in-force premium as at 30 June 2024, increasing by 10% to $373.9 million (FY23: $339.3 million).

ClearView Annual Report 2024

Directors’ Report

ClearView’s distribution footprint expanded with a material increase in the number of relationships with top-tier and mid-tier adviser groups, and positioning on the approved product list of all major advice groups. ClearView’s share of the new business wallet from top tier advisers grew from 11.5% 2 in June 2023 to 15.8% in March 2024. We have observed a slight uptick in lapses and claims incidence that often go hand-in-hand with household budget stress. However, as many ClearView customers purchase their insurance through superannuation the immediate cost of living impact is not felt, which importantly enables them to retain cover. In addition, ClearView continued to undertake a number of proactive initiatives through FY24 to assist customers through difficult times. As I flagged in last year’s address, FY24 saw the introduction of a new accounting standard AASB 17 – ‘Insurance Contracts ’. This new standard, while not changing the underlying economics of life insurance, has had a material impact on the timing and recognition of profit. The FY23 comparatives have been adjusted to reflect the different methodology. ClearView’s preferred measure of performance remains Group Underlying NPAT (from continuing operations) and was $35.3 million for FY24 (FY23: $28.2 million). This is a strong result, particularly given the primary focus was to execute on the strategic transformation program, and was driven by the growth in new business while offset by increased claims. Simplification and transformation Excellent progress was made on the wider transformation initiatives, although final execution of the wealth exit has taken a little longer than originally planned. In respect of the wealth exit, key milestones included the completion of the sale of CFML, our responsible manager, and exit from the superannuation trustee business. The final milestone remaining is the completion of the trustee’s successor fund transfer ( SFT ) that will result in the derecognition of the group life investment contracts and related assets from the Balance Sheet. This is in train and expected to occur in FY25. Once this occurs, ClearView will have no residual wealth exposure resulting in a simpler, less complex business, focused on life insurance only. Phase 1 of the Policy Administration System implementation was completed during FY24 and migration of our legacy policies on to the new platform has commenced. The migration is expected to complete in 1H FY26. On completion, ClearView will have all policies on one administrative platform,

resulting in both a better customer experience and significant efficiency benefits. During the year ClearView sold its interest in Centrepoint Alliance enabling the business to position itself as a pure life insurer. Sustainability and Resilience ClearView has continued to enhance its product development processes with the completion of the Phase 1 IDII review. A more mature data analytics capability is providing insights into the insurance portfolio to enable a more proactive management. This capability, and a maturing risk management culture will support sustainable growth in the future. In line with industry trends, ClearView has observed an uptick in claims, in particular relating to Total and Permanent Disability policies. We are monitoring this trend and continue to invest heavily in this area. The threat of cyber-attacks and data breaches remain a key risk for businesses, and we have taken important steps to uplift our Cyber Security rating to further safeguard the privacy of our customer information. There continues to be a significant amount of regulatory reform, including the introduction of CPS230 Operational Risk Management which will be effective 1 July 2025, and the Financial Accountability Regime ( FAR ) that will be effective for ClearView from March 2025. The implementation of these major standards will strengthen both the operational resilience of ClearView and accountability from Executives and Directors. Dividend and capital During the year the Board declared and paid an interim fully franked dividend of 1.5cps. A final dividend of 1.7cps has been declared by the Board taking the full year dividend to 3.2cps for FY24 (3cps in FY23). This represents a 6.7% increase and is at the top end of the Board’s target payout ratio of 40% to 60% of Underlying NPAT. The Board has reintroduced the dividend reinvestment program for the final FY24 dividend. ClearView continues to maintain a strong capital position and future growth plans will be funded by the positive capital generation from the Group’s in- force portfolio. In FY25 ClearView will complete the exit from wealth and progress the completion of the Group’s new Policy Administration System across the whole organisation. Achievement of these milestones will continue to strengthen the Group’s capital position.

ClearView Wealth Limited

Directors’ Report

Acknowledgements I would like to thank Nadine and the Executive Leadership Team for their continued commitment and perseverance in what has been another challenging year. The leadership transition could not have been more seamless and the results this year reflect that. I would particularly like to acknowledge the Directors of ClearView Life Nominees, our Superannuation Trustee company. ClearView’s exit from wealth required considerable additional time and commitment from them to ensure an orderly transfer of Trustee responsibilities to Equity Trustees Superannuation Limited. This was a critical milestone in the wealth exit. FY24 also required a number of additional Board meetings, in order to ensure ClearView’s implementation of AASB 17 was as seamless as possible. I thank Board members for their contributions over the period.

Geoff Black Chairman

1 Deloitte “Mind the gap” August 2023. 2 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.

ClearView Annual Report 2024

Directors’ Report

Managing Director’s report Nadine Gooderick

Reflections of first year in the role It has been a year since taking on the role of Managing Director of ClearView. As I reflect on the first 12 months, it has been both exciting and rewarding and if I could sum up this period in one word it would be “growth”. Personally, there has been a lot to learn and I am extremely grateful to have a supportive Board and a strong executive leadership team with deep life insurance experience. The Retail life insurance market is growing and adviser numbers have started to steadily increase. ClearView has also experienced growth: in our new business market share and adviser footprint; progress in our strategic transformation; and by expanding the diversity and depth of experience of our people. The heart of ClearView’s culture continues to shine through on a daily basis, summarised as a small company with big aspirations. There is a strong “can do” attitude across our business, as we strive to service our customers and partners and deliver on our promises. The “dynamic challenger” culture is alive and well at ClearView. This year has validated the strategic decisions that were made in 2020 to simplify and focus on our core business which is Life Insurance. We are extremely proud of the progress made in executing on our strategy. Across ClearView our teams have worked

hard on being easy to do business with and to further enhance our transformation efforts of the last three and a half years, and our results this year are a testament to this. With a focused and disciplined approach, we continue to grow our market share, by providing targeted quality business, and servicing our customers faster, better, and smarter. ClearView is well positioned to continue to gain share in a growing Retail life insurance market. I have had the opportunity over the last year to meet with many of our customers, advisers and shareholders in person and I look forward to continuing to do this over the next year. Their feedback has been invaluable and helps to strengthen relationships and make ClearView a better business.

Our Purpose - Helping more Australians

One of the most fulfilling aspects of our work as a Life Insurance business is the privilege to see and hear first-hand how we make a difference in everyday lives, often when people are at their most vulnerable. Our business is essentially delivering on a promise. When our customers have an injury or sickness, our focus is on supporting them through the entire claims

ClearView Wealth Limited

Directors’ Report

experience, not just their claim entitlements. By assisting customers as quickly as we can with respect, kindness, and consideration, we aim to help them through some of the most challenging times in their lives. In FY24 ClearView paid $134.9 million in claims to 1,040 customers. This reinforces our purpose which is to help as many Australians and their families as possible achieve peace of mind for the future. Financial Advice Landscape Following years of unprecedented regulatory disruption leading to a significant reduction in adviser numbers, the industry is now returning to growth. Pleasingly, in the last 12 months the number of specialist life insurance advisers increased by 21% 1 . This has been reflected in the growth of industry new business sales. This stabilisation of Financial Adviser numbers presents a critical inflection point for the life insurance industry, and we must continue to develop support systems and innovation to ensure continued growth and access to advice for more Australians. Quality products and being easy to do business with have never been more important. Recognising the underinsurance gap in the market, we have made strategic decisions, such as partnering with specialist Life Advice firms that embrace attracting a younger demographic of client through social media, podcasts, and refined technology, and processes. As a result we are seeing an increase in younger lives entering our risk pool. More needs to be done to address the underinsurance gap and we are supportive of the Delivering Better Financial Outcomes ( DBFO ) legislative drivers to enable us to support our customers with their queries more easily. We continue to be an active member of CALI, working with them to ensure industry lobbying efforts are focused on long term, sensible reform. A positive impact on our people, partners, customers, and community Our ClearView Lifeline Australia Scholarship Program has continued this year, supporting nominated employees with paid community service leave up to 92 hours per calendar year, and through donations and awareness raising activities such as the Lifeline Pushup

Challenge. We continue to support those charities nominated by our employees, making donations to key organisations including the Australian Kookaburra Kids Foundation, Cancercare Australia, Cerebral Palsy Alliance and Sony Foundation Australia. This year we also provided additional support to our customers diagnosed with cancer through our provision of the Cancer Coach program in partnership with Osara Health. Since the commencement of the partnership, 60% of our customers diagnosed with cancer have engaged in the program, and their testimonials support our belief that this is a valuable offering to our customers navigating this challenge. Update on Strategic Execution I am incredibly proud of the team’s achievements in delivering on our refreshed strategy in FY24. We have achieved many significant milestones, further reinforcing ClearView’s foundations and allowing us to grow consistently while progressing our wider transformation goals. Our strategy is laid out through to FY26, and it is pleasing to see that we continue to be on track to meet our targets across the board. In particular, I am really proud that during FY24 we: • Accelerated sales momentum through strengthening adviser relationships; • Enhanced our service proposition and operational resilience through the completion of our target Policy Administration System build, significant uplift of our cyber security rating, and Operations’ performance improvements; • Maintained product leadership with our FY24 ClearChoice refresh, data analytics capability uplift, and completion of APRA IDII Review 1; • Demonstrated the maturity and growth of the business, which enabled us to increase our underwriting risk and pay our inaugural interim dividend; and • Completed the implementation of AASB 17. I was also delighted to be able to broaden the diversity and depth of experience in the executive leadership team during the first half of the year, with the appointment of a new Chief of Staff and Chief People Officer. These changes fortified an already solid team, helping to ensure that ClearView is set up for success.

ClearView Annual Report 2024

Directors’ Report

The Future - Easy to do business with / superior experience with operational efficiency We are one year into our 3-year strategic plan built on the pillars of Protect, Optimise, Diversify, and Explore.

Optimise

Protect

Diversify

Explore

Assess, prioritise and action Horizon II possibilities

End to end active portfolio management

Extract more value from what we have built

Get curious

As we look to FY25, our goals are to remain focused on our core life insurance business and continue to outperform the market by amplifying Retail growth. At the same time we will be utilising our data, analytics, and technology, leveraging customer and adviser feedback to continually improve our service offering and enhance our operational efficiency. Our strength is in our agility and flexibility combined with our dynamic challenger culture and “can do” attitude. We need to remain curious and open-minded as we strive to be the best at Life Insurance. Our results this year support our investment in transformation, commitment to customer service and the product enhancements we have delivered, and I am looking forward to another successful and productive year as we get closer to delivering on our FY26 strategic goals. Acknowledgments I would like to thank the Executive Leadership Team for their ongoing support during my first year as Managing Director. The personal and professional growth I have experienced during this time is thanks to their invaluable counsel, encouragement, and assistance. I look forward to achieving more great things together in FY25. I would also like to thank all our employees for their commitment, hard work, and dedication over FY24. As seven- time F1 World Champion Lewis Hamilton says: “We win and lose together” - our successes and growth this year are thanks to each and every one of us. Finally, I would like to thank the ClearView Board for trusting and consistently supporting me to take ClearView to the next stage of its growth journey.

Nadine Gooderick Managing Director

1 Based on NMG Risk Distribution Monitor Report for Retail Advice New Business Analysis for the period January – March 2024.

ClearView Wealth Limited

Directors’ report

ClearView Annual Report 2024

Directors’ Report

Directors’ report

The Directors of ClearView Wealth Limited (ASX:CVW, ClearView or the Company) submit their report, together with the financial report of the consolidated entity (the Group) for the year ended 30 June 2024 (the financial year): Directors The following persons were Directors of ClearView during the financial year and since the end of the financial year unless otherwise noted: • Geoff Black (Chair) • Michael Alscher (Resigned as Director and appointed as Alternate Director to Eloise Watson on 8 April 2024, and resigned and re-appointed as Director on 24 May 2024) • Gary Burg • Edward Fabrizio • Nadine Gooderick (Appointed as Managing Director on 1 July 2023) • Jennifer Lyon • Simon Swanson (Resigned as Managing Director on 1 July 2023) • Nathanial Thomson • Eloise Watson (Resigned as Alternate Director to Nathanial Thomson and appointed as Director on 8 April 2024, and resigned as Director on 23 May 2024) Principal activities ClearView is an Australian financial services company with businesses that, during the year, offered life insurance, superannuation and investment products and services under the ClearView brand. ClearView’s life insurance products are manufactured under a retail life insurance Australian Financial Services ( AFS ) licence and are designed to allow policyholders to receive (in the case of an eligible claim) either a one off payment (lump sum products) or recurring benefits (ongoing monthly payments) over a specified period, typically a certain number of years, or up to a specific age (income protection products). Significant progress was made in FY24 to reset and simplify the business with the ambition of retaining its core focus of being a life risk insurance provider. The Company disposed of its remaining equity interest in Centrepoint Alliance Limited ( Centrepoint Alliance ) allowing for the full exit from financial advice and furthermore material steps were made on the exit from the Wealth Management business (including completion of the sale of the investment management business and retirement of the ClearView trustee). Further details are provided later in the report.

ClearView Wealth Limited

Directors’ Report

Current directors The biographies for the Directors of ClearView are detailed below.

Geoff Black BCom

Independent non-executive Chair

Geoff has over 30 years’ experience in life insurance and wealth management and is currently a director of Platypus Asset Management and was Head of Business Development at RGA Australia from 2015 until April 2019. Prior to joining the ClearView Board he held senior executive positions at RGA Australia, TAL Australia and was formerly Managing Director of PrefSure Life and Lumley Life Limited. Geoff holds a Bachelor of Commerce from the University of Canterbury, Graduate Diplomas in Management and Financial Planning and is a Certified Practicing Accountant. Geoff was appointed to the Board on 25 November 2019 and appointed as Chair of the Board on 1 July 2020. Geoff is also a member of the Board Audit Committee, Board Risk and Compliance Committee and the Nomination and Remuneration Committee.

Gary Burg B.ACC (Wits), MBA (Wits)

Independent non-executive Director Gary has significant experience in building life insurance businesses in South Africa and in Australia. Gary is Chairman of Edu Holdings Limited, an ASX listed company and various unlisted companies including Global Capital Holdings (Australia) Pty Limited, a company which manages principal investments on behalf of third parties. Gary was appointed to the Board on 22 October 2012, and currently serves as a member of the Board Audit Committee, the Board Risk and Compliance Committee and the Nomination and Remuneration Committee.

Nathanial Thomson BCom (Hons), LLB (Hons)

Non-executive Director Nathanial is a Partner at Crescent Capital Partners Management, a leading Australian private equity investment firm. Nathanial has over 20 years of experience in strategy consulting, private equity and investment banking. He has significant consulting experience from his prior role at McKinsey & Co. Nathanial is the current Chair and non- executive director of Cardno Limited, National Dental Care Limited, Clover Insurance, and AireSafe International Pty Ltd. Nathanial is also a non-executive director of Australian Clinical Laboratories. Nathanial holds a Bachelor of Commerce Degree and Bachelor of Laws Degree from the University of Western Australia. Nathanial was appointed to the Board on 22 October 2012 and currently serves as a member of the Nomination and Remuneration Committee.

ClearView Annual Report 2024

Directors’ Report

Michael Alscher BCom

Non-executive Director Michael is the Managing Partner and founder of Crescent Capital Partners Management Pty Limited. Prior to founding Crescent Capital Partners, Michael was a consultant at Bain International and the LEK Partnership where he spent considerable time working across banking and insurance clients. Michael is the current Chairman of Australian Clinical Labs Limited, Green Leaves Early Learning Centres Pty Ltd and Bremick Pty Ltd. Michael was re-appointed to the Board on 24 May 2024, following a period as Alternate Director for Eloise Watson between 4 April and 23 May 2024. Michael served as a Non-Executive Director from 22 October 2012 to 4 April 2024. In addition to his Board appointment, he also serves as a member of the Nomination and Remuneration Committee.

Jennifer Lyon BSc (Maths) (Hons), FIAA, GAICD

Independent non-executive Director Jennifer is an experienced actuary, small business owner and Director. She was a founding owner of recruitment firm SKL Executive and served as a Director until December 2020. Jennifer has also formerly held a number of senior and Director positions including non- executive Director and President of the Actuaries Institute of Australia, Managing Director of QED Actuarial, a specialist actuarial recruitment firm, a Director of Hall & Lyon which managed the distribution of actuarial education material, and worked at AMP and Towers Perrin in superannuation and financial services. Jennifer has also served on the Board of ClearView’s superannuation trustee board, ClearView Life Nominees Pty Ltd since 1 July 2014 and acted as Chairperson from December 2016 to July 2020. Jennifer was appointed to the Board on 1 July 2020 and is a member and Chair of both the Board Risk and Compliance Committee and the Nomination and Remuneration Committee, and a member of the Board Audit Committee.

Edward Fabrizio Bec, MBA, FIAA, FAICD

Independent non-executive Director Edward is an experienced life insurance actuary with over 30 years’ experience and has been operating his own actuarial consulting business since 2016. Prior to joining the ClearView Board he was the Managing Director of General Reinsurance Life Australia, a Non-Executive Director and Council Member of the Institute of Actuaries of Australia, Director in KPMG’s Actuarial practice as well as the Appointed Actuary for various life insurance and reinsurance companies. Edward was appointed to the Board on 28 June 2023, and is Chair of the Board Audit Committee and a member of both the Board Risk and Compliance Committee and Nomination and Remuneration Committee.

ClearView Wealth Limited

Directors’ Report

Nadine Gooderick BCom

Managing Director Nadine was appointed as Managing Director of ClearView on 1 July 2023. She is a proven life insurance leader with extensive experience managing international programs and leading large diverse teams across different functions and markets. Nadine joined ClearView in October 2020 as General Manager, Transformation. In August 2022, she was appointed as Group Executive - Technology and Development, with responsibility for ClearView’s technology, data and marketing functions. Since joining ClearView, Nadine’s key achievements include establishing and executing the Group’s transformation program. Nadine was instrumental in overseeing the launch of the Group’s new enterprise policy administration system and underwriting rules engine. Prior to joining ClearView, Nadine spent almost 25 years at RGA Reinsurance, including the last eight years as Chief Operating Officer for Australia and New Zealand from 2011 to 2019. In that role, she had responsibility for the key functions of underwriting, medical and technical services, claims and operations as well as project management. Prior to that, Nadine was Vice President, Asia Pacific Regional Office. At RGA, Nadine’s career highlights include the start-up of several of RGA’s International Offices as part of the group’s global expansion into Asia and Europe as well as the delivery of a substantial, multi- year transformation program for the management of disability income and TPD insurance claims; and the delivery of an end-to-end group administration system over two years. Company Secretary Judilyn Beaumont, B.Bus, LLB joined ClearView in November 2019 as General Counsel and Company Secretary. Appointed a Solicitor of NSW in 2001, Judilyn has extensive legal experience in the financial services industry acquired across private practice, regulatory and in-house roles. These roles have encompassed life insurance, superannuation, financial planning and investments. From 2013-2019 Judilyn worked in-house at Suncorp, commencing as Senior Lawyer (Suncorp Life) and most recently holding the position of Executive Manager Legal – Insurance and Marketplace Advisory, Finance Legal & Advice (Suncorp Group). In this role she provided end- to-end business support, from product development to marketing and distribution. Earlier in her career, she was a Senior Associate at Freehills in their financial services team, a Solicitor at Blake Dawson Waldron (now Ashurst) and a Lawyer at the Australian Securities and Investment Commission where she provided advice on a range of matters including large regulatory investigations, development of regulatory policy and managed investment schemes.

ClearView Annual Report 2024

Directors’ Report

Directorships of other listed companies Directorships of other listed companies held by Directors in the three years preceding the end of the financial year are as follows: Name Company Period of Directorship Gary Burg Edu Holdings Limited 24 March 2016 – current Michael Alscher Cardno Limited 6 November 2015 – current Intega Group Limited 20 August 2019 – 17 December 2021 Australian Clinical Labs Limited 14 May 2021 – current Nathanial Thomson Cardno Limited 6 November 2015 – 28 January 2016; and 24 May 2016 – current Australian Clinical Labs Limited 14 May 2021 – current Meetings of Directors The number of meetings of the Company’s Board of Directors and of each Board Committee held during the year ended 30 June 2024, and the number of meetings attended by each Director are as follows:

Board Risk and Compliance Committee

Nomination and Remuneration Committee

Board Audit Committee

Board

Eligible to attend Attended

Geoff Black Gary Burg

15 15 15 15 15 15 14

15 14

6 6

4 4

5 5 5 5 5 5 4

5 4

Michael Alscher 1 Nathanial Thomson

— —

—

15 15 15 12

4 5 5 2

Jennifer Lyon

6 6

4 4

Edward Fabrizio Eloise Watson 2

—

1 Resigned 8 April 2024 and appointed as Ms Watson’s alternate until Mr Alscher’s re-appointment as Non-Executive Director on 24 May 2024. 2 Resigned 23 May 2024.

ClearView Wealth Limited

Directors’ Report

Directors’ shareholdings The following table sets out each Director’s relevant interest in shares and rights or options in shares of the Company or a related body corporate as at the date of this report.

Fully Paid Ordinary Shares

Director

Performance Rights 2

Restricted Rights 3

Subject to vesting conditions

Vested and Exercisable

Geoff Black Gary Burg

100,000

— — — — — —

10,918,090

Michael Alscher 1

— —

Nathanial Thomson 1

Jennifer Lyon

27,212

Edward Fabrizio Nadine Gooderick

—

63,212

62,481

1,617,519

28,745

382,448

Indemnification of Directors and Officers During the period, the Company purchased Directors’ and Officers’ Liability Insurance to provide cover in respect of claims made against the Directors and Officers in office during the financial period and as at the date of this report, as far as is allowable by the Corporations Act 2001. The total amount of insurance premium paid and the nature of the liability cover provided are not disclosed due to a confidentiality clause within the contract. Directors’ and Officers’ Liability Insurance contributed a proportion of the total Group professional indemnity insurance premium. The Company has not, during or since the financial period, indemnified or agreed to indemnify the auditor of the Company against a liability incurred as an auditor. Rounding of amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, dated 24 March 2016 and in accordance with that Corporations Instrument amounts in this report, and the financial report, have been rounded off to the nearest thousand dollars.

1 Mr Alscher and Mr Thomson represent the interests of CCP Bidco Pty Limited and its Associates that non-beneficially hold 326,429,614 shares. 2 LTVR Performance Rights granted in respect of remuneration over the years ending 30 June 2021 to 30 June 2024. 3 STVR Restricted Rights granted in respect of remuneration over the years ending 30 June 2021 to 30 June 2024, with 225,147 rights approved to be granted..

ClearView Annual Report 2024

Directors’ Report

Auditor’s independence declaration and non-audit services The Directors have received an independence declaration from the auditors, a copy of which is on page 76.

Non-audit services

Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in section 2 of the financial statements. The Directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person or firm on the auditor’s behalf) is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Directors are of the opinion that the services as disclosed in section 2.6 to the financial statements do not compromise the external auditor’s independence, based on advice received from the Board Audit Committee, for the following reasons: • All non-audit services comply with the ClearView audit independence policy and have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and • None of the services undermine the general principles relating to auditor independence as set out in Code of Conduct APES 110 ‘Code of Ethics for Professional Accountants’ issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and reward. Annual Corporate Governance Statement ClearView is committed to achieving high corporate governance standards. In accordance with the 4th edition ASX Corporate Governance Council’s Principles and Recommendations, the Company’s annual Corporate Governance Statement, as approved by the Board, is published and available on the Company’s website at: clearview.com.au/governance .

ClearView Wealth Limited

Operating and financial review

ClearView Annual Report 2024

Directors’ Report

Operating and financial review

The Board presents its FY24 operating and financial review to provide shareholders with an overview of the Company’s operations, business strategy, financial position and prospects for the future. This review complements the financial report. ClearView strategy ClearView is strategically focused on what ClearView does best: Life Insurance. ClearView’s vision is to help Australians and their families achieve peace of mind about their future while being a positive force for our people, partners, customers and community. To support the corporate vision, ClearView has articulated its key focus objectives aligned to purpose, people and performance as:

Business partner outcomes Be fair and transparent with

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

Customer Outcomes

Community impact

People Outcomes

Capital adequacy

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

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

Be an employer of choice,

Be a trusted brand to deliver on obligations

with a high- performance culture and collegiate small company feel

business partners

through prudent capital approach

to support long term relationships

PURPOSE

PEOPLE

PERFORMANCE

ClearView has refreshed its business strategy to focus on the growth of its core life insurance business. ClearView’s mission is to be a dynamic challenger targeting quality sustainable growth by being easy to do business with and delivering a superior customer experience. ClearView’s size and simplicity provide a competitive advantage through flexibility and speed to market, with the longer term aim to diversify its distribution channels and product offerings. Across the next twelve months (given the exit from wealth management), ClearView will revisit its Corporate Social Responsibility Agenda to assess where ClearView can make the most impactful change for the benefit of its customers, partners, people and the community. ClearView’s core life insurance strategy (in the retail segment) is broadly tracking to plan, achieved through simplification, disciplined execution and strategic transformation.

ClearView Wealth Limited

Directors’ Report

This is outlined in further detail below:

Core Focus

Life insurance

Creating advantage through strategic transformation

Simplified Cloud-based Architecture

Smaller size with core Life focus

Speed to market

Exited November 2023

Exit in progress

Financial Advice

Wealth Management

We are targeting a market- leading, single policy administration system ( PAS ) with cloud-based architecture This technology provides significant product flexibility and customisation to change offerings efficiently and at scale

Our ambition is to be the best at Life Insurance, leveraging our size and simplicity as well as our data insights capability to make fast and informed decisions Our core Life strategy enables a singular focus on being easy to do business with and delivering a superior customer experience

We strive to continually understand the needs of our customers and respond quickly and appropriately We are developing the technological and business agility to address our customers and the changing market with speed and efficiency

November 2023 - Sale of Centrepoint equity stake for $15.2m cash

December 2023 - ClearView Trustee retired and ETSL appointed January 2024 - Sale of Investment Management business to Human Financial In progress - Unwind of life investment contracts upon SFT 1

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

ClearView’s goal is to be the best at Life Insurance, moving from a mid-tier to a top tier player over time. Key focus areas to achieve this objective are as follows: • Focus on its core life insurance business by completing the full exit of non core businesses; • Completion of the strategic transformation journey and program of work; • Building out a strong foundation with a high performance culture, capability and management; • Executing on the core retail distribution strategy in the financial adviser market; and • Diversifying earnings through expanding product and distribution channels in the longer term (Horizon II).

Optimise

Protect

Diversify

Explore

Assess, prioritise and action Horizon II possibilities

End to end active portfolio management

Extract more value from what we have built

Get curious

ClearView Annual Report 2024

Directors’ Report

Key highlights of the business simplification, disciplined execution and growth focus that were achieved in the financial year are as follows: • Exit of the ownership of financial adviser networks - the minority equity stake in Centrepoint Alliance (acquired through the merger with the ClearView financial advice businesses in November 2021) was sold in November 2023 allowing for the full exit from financial advice. • Divestment of the wealth management business - significant progress has been made on the exit including completion of the sale of the funds management business, ClearView Financial Management Limited ( CFML ) to Human Financial Pty Limited ( Human Financial ) in January 2024. The superannuation fund trustee, ClearView Life Nominees Pty Limited ( CLN ) retired as the trustee of the ClearView Retirement Plan ( CRP ) in December 2023, with the simultaneous appointment of Equity Trustees Superannuation Limited ( ETSL ) in its place. The final milestone remaining is the completion of the trustee’s successor fund transfer ( SFT ) that will result in the derecognition of the group life investment contracts and related assets from the Balance Sheet. This is in train and expected to occur in FY25. Once this occurs, ClearView will have no residual wealth exposure resulting in a simpler, less complex business, focused on life insurance only. • Winning share in a growing retail life insurance market - the sales momentum and growth of ClearView ClearChoice has continued in FY24 with the new business market share up to 11% and new business up 34% to $33.7 million. ClearView is gaining new business share in a growing (advised life insurance sales) market. ClearView has established a diversified distribution network with circa 1,000 dealer groups comprised of over 4,000 advisers and remains well positioned to continue to increase its new business market share. • Technology transformation - the enhancement and build out of the back end of the technology platform has further progressed in the financial year, with the successful completion of Phase 1 of the project. The focus has now shifted to the migration of the in-force policies onto the new technology platform (for policies issued prior to 1 October 2021), with a targeted completion date in 1H FY26. The achievement of the operational efficiencies and additional scale benefits are expected to start flowing through from completion of the migration. • Investment in people and processes - this included the continued investment in capabilities and people, with a data and analytics focus to assist deeper insights and decision making. A significant capability uplift is ongoing with new leaders appointed across key business areas; and • Increased underwriting risk for new business - from 1 October 2023, ClearView’s exposure to underwriting risk for new business has been increased, thereby increasing the sum insured retained that (subject to actual claims experience) should result in higher new business profit margin over time (as new business is written from that date). The confidence to increase the underwriting risk exposure for new business is due to the increased size of the in-force portfolios, improved Group capital position and product sustainability measures seen in the Group’s recent financial performance. The simplification program and core focus on life insurance is driving the operating results and growth.

ClearView Wealth Limited

Directors’ Report

FY26 goals ClearView has in place its FY26 financial goals that remain unchanged from those previously communicated to the market:

New Business Market Share 1 12-14 %

Gross Premiums $ 400m

In-force Premium Market Share 1 ~4 %

Life Insurance Underlying NPAT 4 Margin 2 11-13 %

Dividend Policy

FY26 Goals 3

40-60 %

ClearView remains on track to achieve its FY26 goals: • New Business target market share 12-14% - the current sales trajectory and product and channel focus (data driven outcomes-based approach) are driving growth and the increased new business market share with continued market outperformance in profitable segments. • In-force target market share ~4% - the new business growth, retention strategies (lapse management), benefit indexation, further repricing of the in-force portfolios to realign pricing to risk and experience, product and streamlined channel engagement are driving the increase, aligned to the FY26 goal of in-force premiums exceeding ~$400m. • Life insurance Underlying NPAT target margin range of 11% - 13% – the back-office investment and operational efficiencies from the new platform form a key part of the FY26 targets. The operational efficiency benefits of technology investment are anticipated to be achieved post completion of the migration of the (pre 1 October 2021) in-force policies onto the new platform. The scale benefits, increased exposure to underwriting risk for new business, and operational efficiency from the back office and technology investment support margin accretion (over time). Experience assumption changes have been allowed for in the FY26 target margin range of 11% - 13%. The further (medium term) growth opportunities for the business to be considered, include but are not limited to: • Entering into new customer channels to support its core IFA market channels; • New products and services to further help Australians and their families achieve peace of mind about their future; and • Other opportunities that support this overall life insurance focused strategy.

1 ClearView calculations based on NMG Risk Distribution Monitor Reports for Retail Advice New Business and In-force Analysis – NMG Market analysis includes total of 'Retail' consistently applied (that is, IFA, Bank Advice and Aggregator channels). 2 Is calculated as Life Insurance Underlying NPAT divided by Gross Premium Income. 3 FY26 goals based on AASB 17 FY25-27 business plan forecasts approved by the Board on 16 July 2024. 4 Underlying NPAT (from continuing operations) continues to be adopted by the Board as its key measure of Group profitability and basis for dividend payment decisions. It 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 (from continuing operations) 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.

ClearView Annual Report 2024

Directors’ Report

Regulatory environment and change The financial services industry has continued to face significant regulation and scrutiny.

Regulators are expected to continue their supervision and enforcement activities to ensure good product design processes, appropriate distribution of products, accurate disclosure on sustainability and efficient management of claims handling. The Financial Accountability Regime will apply to the life insurance industry from 15 March 2025. The Regime imposes explicit accountability obligations on directors and senior executives and mandates certain notifications to ASIC and APRA relating to the division of responsibilities. These obligations are aimed at increasing overall accountability for the management and the operating culture of financial services entities and providing ASIC and APRA with improved transparency. APRA has finalised its Prudential Standard CPS 230 ‘Operational Risk Management’, which will commence from 1 July 2025. Operational risk and resilience have been significant issues for the financial services industry over recent years, as regulated entities have faced disruptions from events such as the COVID-19 pandemic, volatile markets and cyber security and technology-related threats. Accordingly, APRA has sharpened its focus on operational risk management through the finalisation of CPS 230. Broadly, CPS 230 is aimed at ensuring APRA- regulated entities can better manage operational risks and appropriately respond to, and continue to operate through business disruptions. The implementation of CPS 230 is of critical importance and will require significant changes to governance, compliance, contractual and incident response arrangements for all APRA-regulated entities. On 7 December 2023, the Government provided its final response to the Quality of Advice Review ( QAR ). These significant reforms are aimed at making quality financial advice more accessible and affordable for consumers by reducing the cost and regulatory burden for financial advisers who provide personal financial advice. The Delivering Better Financial Outcomes draft legislation was introduced into parliament on 27 March 2024, aimed at addressing the first tranche of the QAR reforms by implementing 11 of the 22 QAR recommendations and includes customer-consent obligations for adviser commissions to be paid in relation to personal advice. Draft legislation addressing the second tranche of the proposed QAR reforms is likely to be introduced into parliament later in 2024 and is expected to introduce a new class of financial adviser, referred to as qualified advisers, and a more simplified financial advice document process. ClearView continues to actively monitor both regulatory and legislative industry reforms.

ClearView Wealth Limited

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