ClearView says its life insurance inforce premium grew 30% to $132 million in the six months to December 31.

New business through advisers gained 19% to $15.7 million for the half-year, but this was offset by a 34% decline in direct business to $2.5 million.

MD Simon Swanson says the decision to shut the Your Insure business in November had an impact on the latter result.

“[There was] an intentional slowdown in non-advice new business, in particular the direct life insurance channel that targeted lower-socioeconomic customers,” he said.

“This decision was driven by the adverse lapse experience.”

The strong performer for ClearView’s life business was its LifeSolutions product, with inforce premium up 51% to $86.7 million in the half-year. The product also achieved a 19% rise in new business premium to $15.7 million, all through advisers.

ClearView is running off its old life book, with a further 3% drop in premium to $34.7 million recorded.

Life insurance claims were $1.7 million for the half, partly offset by an adverse $200,000 in lapses.

Advice fees from the adviser network were up 21% to $8.5 million.

Mr Swanson says growth in income from financial planning operations is attributable to the Matrix merger and LifeSolutions volumes.

Half-year operating earnings after tax totalled $700,000 for the financial planning business.

Despite stronger results from life, ClearView’s net profit after tax was flat at $12.2 million for the six months.

“ClearView is implementing a high-growth strategy with the goal of attaining 5% of the life insurance profit pool and a high-quality financial advice business,” Mr Swanson said. “We are well positioned, notwithstanding recent market volatility, thanks to our life insurance and wealth management divisions, which offer complementary products and services over the economic cycle.”