Notes to the Financial Statements
9.7 Subsequent events
New and amended Australian Accounting Standards and Interpretations on issue but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
FY24 Final Dividend A final fully franked FY24 cash dividend of 1.7 cents per share or $11.1 million has been declared subsequent to year end. This brings the total dividends paid in respect of FY24 to 3.2 cents per share, comparing with dividends of 3.0 cents per share for FY23. The FY24 payout ratio is 60% of Underlying NPAT – at the top end of the target payout ratio. The DRP has been reinstated and will operate for the FY24 final dividend. FY24 Dividend from ClearView Life Assurance Limited A dividend of $17.5 million was declared to be paid from ClearView Life Assurance Limited ( CLAL ) to its parent entity, ClearView Group Holdings Pty Limited ( CGHPL ) on 20 August 2024. Subsequently, a dividend of $17.5 million was declared to be paid from CGHPL to its parent entity, ClearView Wealth Limited ( CWL ), part of which will be used to fund the cash component of the FY24 final dividend.
AASB 18 Presentation and Disclosure in Financial Statements
In June 2024, the AASB has issued AASB 18 Presentation and Disclosure in Financial Statements ( AASB 18 ) to improve how entities communicate in their financial statements, with a particular focus on information about financial performance in the statement of profit or loss. The key presentation and disclosure requirements established by AASB 18 are: • the presentation of newly defined subtotals in the statement of profit or loss; • the disclosure of management-defined performance measures; and • enhanced requirements for grouping information (i.e. aggregation and disaggregation). These new requirements will enable investors and other financial statement users to make more informed decisions, including better allocations of capital, that will contribute to long-term financial stability. AASB 18 will replace AASB 101 Presentation of Financial Statements and become effective for reporting periods beginning on or after 1 January 2027. The Group is currently assessing the impact of AASB 18 on the financial statements.
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ClearView Annual Report 2024
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