ClearView Wealth says it is making a “successful transition” from a diversified financial services company to a pure life insurance business, as demonstrated by its first-half results.

Group underlying net profit after tax grew 37% compared with a year earlier to $17.3 million, including a 32% surge in life insurance underwriting net profit after tax to $19.4 million.

ClearView previously said it is aiming to grow its life insurance presence and has taken steps to exit the financial adviser and wealth management businesses.

MD Nadine Gooderick says in a half-year commentary that the group’s focus on simplification and investment in technology and transformation over the past few years led it to exit unprofitable segments and give the business a clear strategy and targets for 2025-26.

“We are solely focused on delivering high-quality life insurance solutions and excellent service to our customers,” she said. “We have invested significantly in people, processes and technology, and this investment underpins our long-term growth profile.

“We are already starting to see some scale and efficiency benefits as a result of our multi-year transformation program, and we expect material improvements from the end of FY25.”

In the first-half, life insurance new business grew 55% to $17.5 million; gross premium income rose 11% to $178 million; and new business market share on a rolling 12-month basis increased to 10.9% from 9.2%. At the same time, advice inforce premium increased 12% to $326.5 million and total inforce premium increased 10% to $359.2 million.

“The pathway has now been established to grow to the FY26 target of circa $400 million of inforce premium at an underlying life insurance [net profit after tax] margin of 11%-13%,” ClearView said.

It says the exit from the wealth management business has removed its historical drag on earnings. The wealth business is treated as a discontinued operation, ClearView says.