Financial services group ClearView Wealth says its full-year results show it is successfully changing into a “pure life” business.

The life insurance business posted a 23% rise in underlying net profit after tax to $39.5 million. Within the division, new business rose 34% to $33.7 million; in-force premium was up 10% to $373.9 million; and gross premium income improved 10% to $358.1 million.

ClearView’s overall underlying net profit after tax rose 25% to $35.3 million in 2023-24.

“The group’s results are underpinned by a sound strategy to focus on simplification and its core life insurance business, ongoing investment in technology and transformation, and disciplined execution,” MD Nadine Gooderick said.

“This year has been all about growth, our market share, results ... our ambition is to be the best at retail advised life insurance ... to meet the targeted needs of our customers and advisers in faster, better and smarter ways.”

ClearView says with the 34% new life business rise, its new business market share has increased to 11% from 9.2%. The company previously said it was aiming for a 12%-14% share by 2025-26.

“Deep distribution relationships, quality of new product[s] ... [are] driving new business share gains ... [our] strong FY24 results highlight the group’s successful transition from a diversified financial services company to a pure life insurance business,” the company said.

ClearView’s other division, financial advice via an interest in Centrepoint Alliance, increased underlying net profit to $2.8 million from about $700,000.

Its discontinued wealth management business made a loss of $4.6 million, compared with a $2.7 million deficit a year earlier.

ClearView expects to complete its exit from the business by the third quarter of this financial year.