ClearView’s life insurance business made a net profit of $24.9 million in the year to June 30, up 2% on the previous year.

Total inforce premium increased 26% to $189.5 million and new business grew 8% to $42.3 million.

ClearView’s main life product, LifeSolutions, recorded a 38% rise in inforce premium to $146.1 million and a 16% gain in new business to $40.3 million.

MD Simon Swanson says it was “another significant and exciting year in the ClearView story, with strong sales into the group’s flagship life product, LifeSolutions, driving significant growth in the inforce book”.

About 72% of LifeSolutions’ new sales were derived from the third-party independent financial advisers (IFA) channel, an area of increased focus for Clearview.

The channel accounted for 68% of the $42.3 million in new sales, while aligned advisers made up 27% and the remaining 5% was direct sales.

“ClearView has built a strong foundation for ongoing growth in the advised life insurance market,” its annual report says.

“Our strategy is focused on expanding our IFA footprint by delivering superior products, features and service through strong adviser relationships.”

Major moves last financial year included closure of the direct life insurance business.

“The board concluded that the direct life insurance landscape had changed considerably in the past few years, with multiple factors including increasing client acquisition costs and rising consumer expectations impacting the sector’s outlook,” Mr Swanson said.

“These factors, when combined with society’s increasing expectations of financial services companies and heightened regulatory scrutiny, meant the appropriate decision was to close the direct life insurance business.”