Directors’ Report
Chart 8: EV movement waterfall
38.2
591.1
587.0
5.6
4.2
6.9
557.3
(0.2) (8.2)
(1.8)
(4.3)
(1.4) (0.9)
(4.3)
(29.7)
The key movements in the EV between 30 June 2023 and 30 June 2024 are described in detail below.
FY23 Final Dividend and HY24 Interim Dividend (-$29.7 million)
• The EV is reduced by the final FY23 cash dividend (-$19.8 million) and introduction of the FY24 interim cash dividend (-$9.8 million), both of which were paid in the financial year. • The EV is stated prior to the cash component of the FY24 final dividend (-$11.1 million) that will be paid in September 2024, noting that the DRP will be reinstated. • The net impact of the capital transfers between segments includes the $5.9 million capital benefit from the sale of CFML in the listed segment.
Expected Gain (+$38.2 million)
• The expected gain represents the unwind of the discount rate within the value of the life insurance in-force portfolio and the investment earnings on the net worth.
Value of New Business (-$0.2 million)
• The VNB has improved (over time) driven by the stepped change in new business without the related material stepped increase in fixed acquisition costs. • The ClearView ClearChoice product is benefiting from the broader reset of the industry, and an increased focus on sustainability. • ClearView’s sales increased by 34% to $33.7 million in FY24 and is now achieving a circa 11% market share in the IFA market, up from 9% in FY23. • The VNB is broadly neutral for the year and is achieving a circa 8% after tax return on capital based on the business mix achieved.
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ClearView Wealth Limited
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