ClearView Wealth says the claims update given at its recent annual general meeting was not deemed “price-sensitive” and its long-term targets remain unchanged.

The insurer said at the AGM that an after-tax claims experience loss of $6.2 million in the September quarter led to a corresponding loss in profitability for the period.

The loss was driven by total and permanent disability and income protection products in the insurer’s old LifeSolutions portfolio, which has been closed to new business since October 1 2021.

“[ClearView Wealth] reiterates it did not consider the information to be price-sensitive,” the insurer said in response to queries from the Australian Securities Exchange.

“[The] intention was to give a general update at the AGM. It was also made clear …. that several management actions were being undertaken to manage the profit margin to align back to target outcomes and that FY26 goals had not changed.”

The insurer previously said its 2025-26 goals include an underlying net profit after tax margin of 11%-13%, new business market share of 12%-14% and gross premium of $400 million-plus.

The insurer says it would not change its long-term estimate due to one quarter’s claim experience.

“The view was that the quarterly claims result was not material to the overall future outlook and longer-term earnings of the business,” ClearView Wealth said.

“The board took the view that the claims performance was not necessarily indicative of full-year results, should be monitored for a longer period and should not have a longer-term impact with management actions (including repricing) in place.”