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Clearview wealth management profit falls
Clearview wealth management profit falls
ClearView has posted a net profit after tax of $22.9 million for the year end 30 June 2015, up 4 per cent on the year prior.
According to an announcement, profit from Clearview's wealth management segment dropped by 70 per cent from a year ago to $1.8 million. ClearView said this was because of material investments within the division.
"This was driven by the decision, which is clearly communicated to the market, that FY15 remained an investment year, particularly with our wealth management business," the statement said.
"Overall, ClearView met our expectations."
However, the company's life insurance arm generated $15.3 million, up 41 per cent from last year.
Clearview said the results are "reflective of the business starting to gain additional scale and the emergence of profits from the growing in-force portfolios."
"The early investments that ClearView made in FY13 and FY14 are now translating into strong earnings momentum with life insurance underlying profit increasing by 41 per cent in FY 15," the statement said.
In addition, ClearView's number of planners jumped by 89 per cent to 221, following the merge of Matrix into the business.
The number of premiums under advice increased 99 per cent to $187 million while the number of funds under management and advice stood at $7.9 billion, up 92 per cent from last year.
"ClearView has further strengthened its adviser support through the merger with Matrix that has the ability to deliver significant revenue synergies given ClearView's market proven products," the company said.
"Matrix has a strong brand in the independent advice market; this provides an enhanced ability to attract and recruit financial advisers by leveraging off the non-bank aligned model and brand."
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