ClearView has reported a 60% increase in after-tax profit for its life insurance business, rising to $24.5 million last financial year.

This was driven by a 30% increase in inforce premium to $150.7 million in the year to June 30.

Life insurance new business through advice distribution channels grew 26% to $34.7 million, but direct new business was down 36% to $4.5 million.

ClearView’s breakdown of life insurance new business shows 55% received through independent advisers and 33% from its own aligned advisers. Direct sales account for 12% of new business inflows.

MD Simon Swanson says the insurer’s distribution strategy is proving a winner.

“This result reflects our industry disruptor strategy of winning market share within profitable segments by delivering innovative products and a high level of service,” he said.

“ClearView has established a strong foundation for sustained growth as we transition from the build phase of our strategy to the growth phase.”

Mr Swanson says the insurer will continue delivering innovation to the life market while growing independent financial adviser inflows.

“ClearView remains well positioned for robust growth over the medium to long term by virtue of our life insurance and wealth management business units that offer complementary products and services over the economic cycle.”