Directors’ Report
Listed/Group result
The Listed/Group Underlying NPAT 3 of the listed/group segment recognised a loss of $4.2 million (FY23: loss of $3.9 million):
2023
2024
%
12 Months to June 2024 ($M) 1
1H 2H FY23
1H 2H FY24 Change 2
Interest Income
0.4
0.6
0.9
0.8
0.6
1.4
56% 28%
Interest on debt & facility fees
(2.6) (0.8)
(2.8) (0.4)
(5.4) (1.2)
(3.4) (0.6)
(3.5) (0.7)
(6.9) (1.3)
Operating expenses
8%
Income tax (expense) / benefit Listed Underlying NPAT from continuing operations
0.9
0.9
1.8
1.1
1.6
2.7
50%
(2.1)
(1.8)
(3.9)
(2.1)
(2.1)
(4.2)
8%
The listed/ group segment earns interest on its physical cash holdings and pays interest on corporate debt. Corporate debt includes the loan establishment and interest costs on the Debt Funding Facility and the $75 million subordinated, unsecured Tier 2 notes. An additional $15 million was drawn down under the Debt Funding Facility in the year to partly fund the FY23 final cash dividend. The costs associated with maintaining a listed entity have remained broadly consistent period to period. These costs include directors fees, investor relations expenses, insurance, audit fees and other related costs.
1 Inter-segment revenues/expenses are not eliminated in the managements view. 2 % change represents the movement from FY23 to FY24.
3 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.
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ClearView Wealth Limited
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