ClearView Annual report 2024

Directors’ Report

Malus and Clawback

In the event that the Board forms the opinion that a Participant has committed an act of fraud, defalcation or gross misconduct in relation to the Company then the Participant will forfeit all unvested entitlements under the plan (STVR and LTVR), including all unvested rights.

1 Based on the number of shares on issue at the start of the measurement period.

Remuneration Framework Timeline FY24

FY24

FY25

FY26

FY27

Fixed pay STVR Performance period

Audit & STVR Assessment 60% Cash Award* 40% Restricted Rights* LTVR Performance Period - Performance Rights with a TSR Vesting Condition as well as a EV Condition.

*STVR Cash awards are generally awarded following the release of the audited Annual Report. Restricted rights will be issued in relation to the deferred portion of the STVR and will vest three years post the measurement period (ie 30 June 2027).

2.2 FY24 Company Performance At-A-Glance The following outlines the Company’s performance in FY24, which is intended to assist in demonstrating the link between performance, value creation for shareholders, and executive reward:

Change in shareholders wealth

Net profit after tax ($’000)

Underlying NPAT from Continuing Operations 2 ($’000)

Share price (cents) Dividend (Interim) (cents) Start End Change

Dividend (Final) (cents)

EV per share 1 (cents)

FY End Date

Total value

EV 1 ($m)

%

30/6/2024 (12,449) 30/6/2023 8,884 30/6/2022 21,175

35,300 48.5 60.5

12.0

1.5

1.70 15.2 31.3% 591

91.4

28,259 68.0 48.5 (19.5) 25,655 50.0 68.0 18.0 22,722 27.5 50.0 22.5 14,738 66.0 27.5 (38.5)

— 3.0 (16.5) (24.3)% 587 91.2 — 2.0 20.0 40.0% 605 92.2 — 1.0 23.5 85.5% 640 95.7 — — (38.5) (58.3)% 643 95.3

30/6/2021

6,679

30/6/2020 13,081

1 Embedded Value ( EV ) at 4% discount rate margin, including a value for future franking credits and EV attributed to continuing operations from time to time. Risk free rate of 4% (FY23: 4%; FY22: 3.5%; Prior years: 2%). EV is reflected net of cash dividends paid in each relevant period. 2 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. 3 Underlying NPAT and Net profit after tax for FY23 (restated) and FY24 under AASB 17. FY22 and prior under old accounting standard AASB 1038.

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ClearView Wealth Limited

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