Directors’ Report
4. The Link Between Performance and Reward in FY24 The Board views the outcomes of remuneration for FY24 performance as appropriately aligned to stakeholder interests, given the strong group and individual performance against annual objectives and progress towards strategic objectives made by the executive team. 4.1 FY24 STVR Outcomes The STVR plan is designed to reward executives for the achievement against annual performance objectives set by the Board at the beginning of the performance period. The payment of an STVR is dependent on delivery of performance against a range of outcome metrics. The performance metrics and outcomes of assessment against those metrics are summarised below:
Metric/Measure
Weight
Achieved
Business Performance and growth
30.0%
28.5%
Business performance and growth consists of: • Gross Premium Income (25%) • Group Underlying NPAT (25%) • CTI ratio (continuing operations) (25%) • NB premium growth targets (25%)
The Group performed strongly in FY24, achieving almost all financial metric targets. The result reflects the strong growth and underlying business momentum that has been driven by the ongoing business simplification, a stepped change in new business sales, inflation linked premiums and lapse management offset by adverse claims in the year.
Risk management and compliance
13.0%
13.0%
Continued improvement in the risk maturity profile of the business in FY24. Performance metrics and baseline expectations of risk performance were built out for FY24 across ClearView and there was a continued focus on accountability and timely closure in high rated audit items, operational risk and compliance incident risk items, leading to significant improvements across all baseline expectations and risk management “core metrics” during FY24. No major cyber security incidents.
The improvement of the risk maturity profile is considered to be on track with broad achievement of the goals over FY24. Risk Culture survey outcomes were very strong indicating employees understand and feel supported with the risk frameworks in place. No major cyber security incidents occurred in FY24.
Customer
9.0%
9.0%
The Customer success factors for FY24 included new business market share, adviser satisfaction and lapse rates, with a focus on increasing customer engagement and retention.
An enhanced customer experience was driven through focus on data, automation improvements, tele-claims, rehabilitation capability and return to work outcomes. Strong market share gains were achieved in the year in a growing market.
65
ClearView Wealth Limited
Powered by FlippingBook