ClearView Wealth has wrapped up a year-long strategic review of its business after failing to receive offers of “appropriate value” that would take the company forward.

The review was announced in September last year to determine among other things, the “optimal” future direction of the company to “protect and enhance” customer and policyholder outcomes.

One of the options under consideration included exploring a potential change of control transaction and as part of the review, a competitive process involving parties in Australia and overseas was conducted.

ClearView Wealth says a number of parties took part in a due diligence process, submitting a final proposal to the board for consideration.

“The ClearView Board determined that it did not receive any proposals as part of the strategic review that represented appropriate value for control of ClearView and that were capable of being recommended to ClearView shareholders,” the company said in an investor update.

“Accordingly, the ClearView Board has concluded the strategic review.”

The proposals submitted did not take into account a number of relevant factors including ClearView’s improving operations since the review commenced last year.

ClearView says its business performed strongly in the September quarter, placing the company on track to achieve its earnings target for this financial year.

The company is aiming for group underlying net profit after-tax of $28.5-30 million. In the last financial year, group underlying net profit after-tax surged 22% to $26.4 million.

“The business environment of the overall life insurance industry continues to show signs of improvement and ClearView remains well placed to benefit from this improvement, including as a result of the more recent launch of its ClearChoice product suite in October 2021,” the company said.