ClearView suffered a 13% drop in net profit in the six months to December.

Adverse claims experience and lapses in its life insurance portfolio took a toll despite 15% growth in the life inforce book to $240.7 million.

Gross premium was up 12%, but sales dropped 3% to $21.9 million.

ClearView ended cold calling for life products after an investigation by the Australian Securities and Investments Commission.

After-tax profit in life dropped to $11.9 million from $12.5 million in the corresponding period of 2017, while financial advice profit fell to $100,000 from $1 million.

Weak net inflows led to a drop in funds under management.

The group made a profit of $2.1 million, down from $2.6 million.

ClearView says it is acting to improve long-term performance, including repricing and enhancing its life products and reducing costs.