Directors’ Report
Key achievements during the year under review include: • Business performance and growth: The sales momentum and growth of ClearView ClearChoice has continued in FY24 with gross premium income increased by 10% to $358.1 million and new business up 34% to $33.7 million. Group Underlying NPAT from continuing operations increased by 25% to $35.3 million; • Customer: An enhanced customer experience was driven through a focus on data, automation improvements, tele-claims, rehabilitation capability and return to work outcomes. New business market share (on a rolling 12 month basis) increased to 11.0% (up from 9.2% in FY23). ClearView has established a diversified distribution network with circa 1,000 dealer groups comprised of 4,000+ advisers and remains well positioned to continue to increase its new business market share. ClearView’s lapse rates continue to be better than industry. • Transformation, simplification and employee engagement: The enhancement and build out of the back end of the technology platform has further progressed in the financial year, with the successful completion of Phase 1 of the project to approved baseline. Employee engagement scores remain a core focus during a period of significant change. Significant progress has been made in the exit of the wealth management businesses; • Risk management and Compliance: Risk management in ClearView has priority with the Board, Executive Leadership Team and the business. The way in which risks are managed continues to evolve to meet the ongoing changes and challenges in economic conditions, the competitive landscape, stakeholder (including regulatory) expectations and the delivery of solid and sustainable financial performance; • Shareholder management and Engagement: Progress in shareholder engagement has been made with shareholder education sessions, roadshows, and conferences held over the year while ClearView has gained the interest of new shareholders and increased analyst coverage. 2.3 FY24 Executive Remuneration Opportunities and Outcomes At-A-Glance The following charts outline the remuneration opportunities under ClearView Wealth’s executive remuneration structures, with the outcomes dependent on performance over FY24 for STVR and LTVR, and the ‘achieved’ remuneration payable in respect of the completed FY24 year and performance delivered:
Managing director (averages)
Executives (averages)
700,000.00
1,200,00.00
600,000.00
17.90% 5.49% 22.60%
1,000,00.00
11.87% 5.90% 24.12%
500,000.00
19.42% 6.46% 36.95%
800,000.00
400,000.00
29.11% 9.68% 5.48%
600,000.00
300,000.00
400,000.00
58.11%
54.01%
200,000.00
55.72%
200,000.00
37.17%
100,000.00
Target
Achieved
Target
Achieved
Fixed pay
Cash STVR Deferred STVR LTVR
“Achieved” refers to Fixed Pay received during FY24 and Cash STVR awarded in respect of FY24 performance (i.e. after the end of the year) and any LTVR vested during the year. This table on a cash basis. Executives exclude the Managing Director but includes Executive KMP. The table below presents remuneration paid or vested for Executive KMP in relation to FY24 and FY23 which includes: • Fixed pay including base pay and superannuation contributions; • The value of cash settled STVR awarded following completion of the financial year; • The value of STVR Restricted Rights deferred from previous years that vested on 30 June 2024; and • The value of LTVR awards with a performance period ending 30 June 2024.
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ClearView Annual Report 2024
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