Directors’ Report
Revenue from continuing operations The Group’s revenue base in the year was generated from premiums charged to life insurance policyholders. The increase in gross life insurance premiums to $358.1 million (+10%) was driven by premiums in force that rose from $339.3 million in FY23 to $373.9 million in FY24 (+10%). Core in-force premium growth primarily reflects the net impact of new business flows, lapses and age, CPI and premium rate increases. New business (sales) is driven solely by the ClearView ClearChoice product suite as the LifeSolutions, Non-Advice and Legacy portfolios are closed to new business. This is discussed in further detail below:
Chart 1: ClearView is gaining new business market share in a growing market
FY26 Target
IFA New Business ($m) and Market Share 1,2 (%)
New Business Market Share 12-14%
Launch of technology platform for new business
42.3
40.3
11.0%
39.2
34.7
33.7
19.7
17.3
9.20%
19.7
27.5
7.60% 8.60%
25.2 16.2
24.3 5.90% 5.10% 20.2 6.60%
23.6
19
6.30%
5.20%
14.3
17.0
10.1
16.3
13.9
4.00%
12.1
9.8
3.10%
8.4
7.9
21.9
22.6
20.6
17.5
2.10%
3.7
15.7
14.2
13.2
11.5
11.3
10.4
0.2
0.50%
8.6
8.4
3.5
FY21A FY22A FY23A FY24A FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A
1H
2H
New business market share
ClearView’s sales increased by 34% to $33.7 million in the financial year and reflects a stepped change in the sales run rate since the last quarter of FY23, aligned to the overall market growth. The overall IFA market has grown 11% to circa $300 million of new sales (in the year to 31 March 2024) driven by improving industry dynamics and adviser productivity, supported by the underlying demand for life insurance products. At the same time, ClearView has increased its market share in the IFA market to 11.0%, up from 9.2% in FY23. The deep distribution relationships, quality of the ClearChoice product and a data analytics focus is driving new business share gains. ClearView has a strong presence and reputation in the IFA market. The strong adviser support of the ClearView ClearChoice product has the business well positioned to take advantage of the market rebound and achieve its goal of 12%-14% market share of new business by FY26.
1 ClearView calculations based on NMG Risk Distribution Monitor Reports for Retail Advice In-force and New Business Analysis for relevant periods – NMG Market analysis includes total of 'Retail' consistently applied (that is, IFA, Bank Advice and Aggregator channels). 2 FY24 new business market share based on NMG Risk Distribution Monitor Reports for Retail Advice New Business Analysis – NB market share based on rolling 12 months to 31 March 2024.
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ClearView Wealth Limited
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