ClearView Annual report 2024

Notes to the Financial Statements

Underlying net profit after tax is the Group’s key measure of business performance and is disclosed below by segment:

Listed Entity/ Other

Continuing operations - Total

Discontinued operations

Life Insurance

Total

2024

$'000 $'000 $'000

$'000 $'000

Underlying net profit/(loss) after tax before equity accounted interest

39,542 (4,242)

35,300 2,833 38,133

(4,671)

30,629

Equity accounted interest 1

— 2,833

39,542 (1,409)

(4,671)

33,462

Underlying net profit/(loss) after tax

(12,236)

— (12,236)

Changes in loss component 2

Economic assumption impact on AASB17 liability ( LRC ) 3 Net economic assumption impact on disabled lives reserve ( DLR ) 3 Current year timing impact of assumption changes on contractual service margin ( CSM ) 4

(2,160)

— (2,160)

808

— 808

—

808

2,309

— 2,309 — (16,364)

(16,364)

Changes in AIACF Impairment 5 Wealth Management impairment 6 Wealth Management divestment 7 Strategic review/restructure costs 8

— —

— (10,517)

(10,517) (4,148)

—

(4,148)

— (625)

(625)

— (625)

(2,785)

— (2,785)

(193)

(2,978)

Others 9

Reported profit/(loss) per management reported results Reclassification (for statutory results) 10 Reported profit/(loss) per statutory results 2023 (Restated) Underlying net profit/(loss) after tax before equity accounted interest

9,114 (2,034)

7,080

(19,529)

(12,449)

(80)

— (80)

—

9,034 (2,034)

7,000 (19,449)

(12,449)

32,114 (3,855)

28,259

(2,711)

25,548

—

666

—

666

Equity accounted interest 1

32,114 (3,189)

28,925

(2,711)

26,214

Underlying net profit/(loss) after tax

(4,644)

— (4,644)

Changes in loss component 2

Economic assumption impact on AASB17 liability ( LRC ) 3 Net economic assumption impact on disabled lives reserve ( DLR ) 3 Changes in AIACF Impairment 5 Wealth Management divestment 7 Strategic review/restructure costs 8

3,031

— 3,031

(2,269) (10,041)

— (2,269) — (10,041)

—

(845)

— (1,128)

(1,128)

— (1,128)

(1,572)

— (1,572)

138

(1,434)

Others 9

Reported profit/(loss) per management reported results Reclassification (for statutory results) 10 Reported profit/(loss) per statutory results

16,619 (4,317)

12,302

(3,418)

8,884

422

— 422

(422)

—

17,041

(4,317)

12,724

(3,840)

8,884

The key measures of business performance by segment are presented on a management reported basis. Management reported results are non-IFRS financial information and are not directly comparable to the statutory results presented in other parts of this financial report. ClearView’s statutory and management reported profit after tax are the same. 1 Share of net profit of investment in associate (Centrepoint Alliance) for the period until disposal in November 2023 (FY23: 12 month period from 1 July to 30 June 2023). 2 The changes in loss component have been separately reported given capitalised nature of these losses and the level of granularity of reporting under AASB 17. 3 The economic assumption impact (i.e. discount rate) is the result of changes in the long term discount rates used to determine the (re) insurance contract asset/liability which is discounted using market discount rates that typically vary at each reporting date and create volatility in the (re)insurance contract asset/liability and consequently, earnings. ClearView separately reports this volatility. 4 The impact of assumption changes on CSM relates to the current year timing impacts of assumption changes on the CSM. As noted elsewhere

ClearView Annual Report 2024