Clearview Wealth Limited · ASX:CVW
Clearview Wealth — Investor Presentation (February 2026)
44 slides from Clearview Wealth's investor presentation, Feb 26, 2026
Slide 1: HY26 Investor Presentation
ClearView results HY26 Investor Presentation 26 February 2026 Nadine Gooderick Athol Chiert Managing Director Chief Financial Officer
Slide 2: 1H26 financial summary
1H26 Group Underlying Group Underlying EPS (1H26) Life Underlying NPAT (1H26) Life Underlying NPAT Margin Group Reported NPAT (1H26) financial NPAT (1H26) (1H26) $22.1m 3.5cps $24.1m 11.2% $8.5m summary +77% +84% +59% +3.2% -47% Gross In-force New Cost to Embedded Premiums Premiums Business income V
Slide 3: 1H26 operational performance
1H26 operational performance Simplification (FY25) Transformation (1H26) Future focus (2H26) Pure play life completed Front-end insurer on single digital platform experience Long-term growth profile supported by leading technology capability and deep distribution network 3
Slide 4: FY26 guidance
FY26 guidance 1 Group Underlying Group Underlying Life Insurance Life Insurance Underlying Gross Premium Income NPAT EPS Underlying NPAT NPAT Margin Clear execution. Strong momentum. FY26 guidance on track $42-$47m 6.7-7.3cps $47-$52m 11-12% ~$435-440m 1. FY26 guidance and range is based on the AA
Slide 5: Announcement of Scheme Implementation Deed with Zurich
Announcement of Scheme Implementation Deed with Zurich • Zurich Financial Services Australia Limited (a 100% owned subsidiary of Zurich Insurance Group Ltd) has agreed to acquire 100% of the shares in ClearView by way of a scheme of arrangement • ClearView shareholders to receive Scheme Consideratio
Slide 6: ClearView strategic update
ClearView strategic update Nadine Gooderick Managing Director
Slide 7: ClearView is focused on its core life insurance business
ClearView is focused on its core life insurance business leveraging our depth of distribution and leading technology capability Pure-play life insurance business with no material legacy issues $45m+ invested to implement single cloud-based core insurance platform Modern core insurance platform and f
Slide 8: Delivered on simplification and transformation, now focused on accelerating growth
ClearView has delivered on its simplification and transformation and is now focused on accelerating growth Simplification Transformation Flagship ClearChoice product launched on new 1 Exit from financial advice business ✓ Nov 21 1 cloud-based platform ✓ Oct 21 Exit from superannuation business (reti
Slide 9: Business simplification and technology transformation reduce cost-to-income ratio
Business simplification and technology transformation leads to a progressive reduction in cost-to-income ratio Life insurance opex as a % of gross premiums ($m) Commentary ✓ Life insurance cost-to-income ratio reduced to 17.9%1 ✓ Cloud-based infrastructure and technology investment enable scalable g
Slide 10: Positive momentum and an increasing growth profile
Positive momentum and an increasing growth profile Strong track record of top-line growth continuing into 1H26 New business ($m) In-force premium ($m) Gross premium income ($m) (Sales for half year period) (Recurring revenue as at period end date) (Revenue for half year period) 10
Slide 11: Invested $45m+ developing a leading back-end technology platform
Invested $45m+ developing a leading back-end technology platform, setting ClearView up for multi-channel expansion and accelerated growth ClearView platform The ClearView Difference1 • Superior adviser and customer experience • Modern cloud platform • Single customer view • Real time data driven ana
Slide 12: Building a digital front-end with multi-device single view of customer
ClearView is now building a digital front-end that offers multi-device single view of customer and targeting seamless back-end integration Portal enabling Single view of Access through Faster processing, Automated self-service and real customer and holistic multi-device including and enhanced workfl
Slide 13: ClearView digital experience - Phase 1 on track for 2H26
ClearView digital experience - Phase 1 on track for 2H26 Mobile experience mirrors desktop 360o Customer view 360o Adviser view Simple,intuitive, personal 13
Slide 14: Technology stack and strategic partnerships provide competitive differentiation
Technology stack and strategic partnerships provide competitive differentiation Growth Speed and Future-ready Personalisation Stability efficiency ✓ Multi-brand and channel ✓ Cost savings ✓ Flexibility ✓ Accessibility ✓ Modern, cloud-based supports efficient evolution ✓ Multi-device ✓ Faster deploym
Slide 15: Shaping the future with data / AI
Shaping the future with data / AI to drive sustainable growth and efficiency Leveraging intelligent use of data and AI to drive sustainable growth, customer trust, and increasing efficiency. Immediate focus on underwriting and retention, as well as leveraging strategic partner investment in AI funct
Slide 16: ClearView 1H26 results
ClearView 1H26 results Athol Chiert Chief Financial Officer
Slide 17: Strong underlying earnings growth in 1H26
ClearView delivered strong underlying earnings growth in 1H26 Group Underlying NPAT up 77% to $22.1m; Life Underlying NPAT up 59% to $24.1m with claims continuing to track within expected range Group Underlying NPAT (from continuing operations) by half year period $m Underlying NPAT by Segment, $m 1
Slide 18: Proven track record of growth in Underlying EPS
Proven track record of growth in Underlying EPS FY26 Group Underlying EPS guidance range of 6.7 to 7.3cps represents a 30%+ increase off lower FY25 base Group Underlying NPAT (from continuing operations) EPS (cps) Commentary 1H25 impacted by short term claims volatility ✓ Consistent Group Underlying
Slide 19: Continued revenue momentum and growth in underlying earnings
Continued revenue momentum and growth in underlying earnings Life Insurance Underlying NPAT ($m) and Margin (%) Commentary ✓ Strong track record of top line growth ✓ Gross premium income increased to $215.6m (+13%) in line with in-force premiums lifting to $436.0m (+13%) ✓ Supported by growth in new
Slide 20: Claims experience broadly in line with expectations in 1H26
Claims experience broadly in line with expectations in 1H26 Gross claims loss ratio in 1H26 was in line with the long-term average over the past 9 half year periods Commentary Gross claims / Gross premiums 1H22 – 1H26 ✓ Claims experience in 1H26 continued to be broadly in line with expectations, wit
Slide 21: Delivering shareholder returns through dividends and capital management
Delivering shareholder returns through dividends and capital management The Board has a target payout ratio of between 40% and 60% of Group Underlying NPAT (from continuing operations) Commentary ✓ In line with the overall dividend policy, it is the Board’s intention to return to shareholders capita
Slide 22: Group net asset and surplus capital position
Group net asset and surplus capital position 1H26 FY25 $M $M Net assets1 348.4 349.8 Net assets1 of $348.4m (55.9 cps) Intangible adjustments2 (49.5) (45.0) Net surplus capital position of $11.3m Net assets after intangible adjustments 298.9 304.8 Capital base adjustments: Group PCA capital coverage
Slide 23: Embedded value at 31 December 2025
Embedded value at 31 December 2025 ‘Embedded Value’ (EV) is the generally accepted valuation metric used to value a life insurance business. The EV (excluding franking credits) is in the range of 78 – 88 cps at a discount rate range of 7.5 - 9.5% ✓ The Group Embedded Value (EV) reflects the Discount
Slide 24: ClearView outlook
ClearView outlook Nadine Gooderick Managing Director
Slide 25: FY26 financial outlook and guidance
FY26 financial outlook and guidance ✓ Focus on driving operational simplification and execution of key technology programs ✓ to drive efficiencies Accelerate retail IFA growth (digital front-end) FY26 1 Operational outlook ✓ ✓ Seek to expand offerings and channels to drive further growth and diversi
Slide 26: Glossary
Glossary Underlying NPAT Underlying NPAT is used as a non IFRS measure of earnings and has been defined as the consolidated profit after tax excluding the effects of economic changes on both the AASB 17 insurance contract liability and the incurred income protection disabled lives reserves, the (non
Slide 27: For further information, please contact
Investor inquiries Trevor Franz Managing Director, For further Lancaster Grove Capital E trevor.franz@lgcapital.com.au information, please contact: Media inquiries E media@clearview.com.au
Slide 28: Appendix Additional Financial Information
Appendix Additional Financial Information
Slide 29: AASB 17 Financial Information (Management View)
AASB 17 Financial Information (Management View)
Slide 30: Consolidated 1H26 results: Reconciliation of Underlying NPAT to Reported NPAT
Consolidated 1H26 results (AASB 17): Management view - Reconciliation of Underlying NPAT to Reported NPAT1 2023 2024 2025 2026 % Consolidated Profit or Loss¹ 1H 2H FY23 1H 2H FY24 1H 2H FY25 1H Change2 Gross life insurance premiums 160.0 165.2 325.1 178.0 180.1 358.1 191.4 202.3 393.7 215.6 13% Inte
Slide 31: Non-IFRS Financial information
Non-IFRS Financial information Underlying NPAT is Board’s key measure of profitability and basis on which dividends are determined – considered to be a non-IFRS measure given that it excludes certain items not considered relevant to Group’s performance or are considered unusual to ordinary activitie
Slide 32: 1H26 Result (AASB 17) - Life insurance management view
1H26 Result (AASB 17) - Life insurance management view 2023 2024 2025 2026 Life Insurance Profit or Loss2 1H 2H FY23 1H 2H FY24 1H 2H FY25 1H Change1 Gross life insurance premiums 160.0 165.2 325.1 178.0 180.1 358.1 191.4 202.3 393.7 215.6 13% Interest Income 4.2 5.8 10.0 6.4 6.2 12.6 7.1 6.6 13.7 6
Slide 33: 1H26 Result - Life insurance key statistics
1H26 Result - Life insurance key statistics 2021 2022 2023 2024 2025 2026 Key Statistics And Ratios 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H FY24 1H 2H FY25 1H ($M) New Business (Advice) 8.4 7.9 16.3 10.4 9.8 20.2 11.3 13.9 25.2 17.5 16.2 33.7 16.3 15.2 31.5 21.0 In-Force - Total 282.0 289.8 289.9 297
Slide 34: In-force premiums remains key driver of growth
In-force premiums remains key driver of growth Movement of in-force premium Commentary ✓ In-force premiums of $436.0m, up 13% ✓ The movement of in-force premium period to period is driven by the net impact of: ✓ + New business ✓ + Age based / CPI price changes; ✓ + Repricing; ✓ - Lapses in the relev
Slide 35: In-force portfolio break down
In-force portfolio break down Advice products make up 93% of the in-force portfolio, with ClearChoice the new product that was launched in October 2021 in line with regulatory changes in the industry. ClearChoice is now 31% of the in-force portfolio. % of total in-force % of total in-force 35
Slide 36: 1H26 Result - Listed/Group management view
1H26 Result - Listed/Group management view 2021 2022 2023 2024 2025 2026 Listed Profit or Loss 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H FY24 1H 2H FY25 1H Change1 Interest Income 0.1 0.0 0.1 0.1 0.9 1.0 0.4 0.6 0.9 0.8 0.6 1.4 0.7 0.4 1.1 0.7 0% Interest on debt & facility fees (1.0) (1.8) (2.8) (1.9)
Slide 37: Wealth Management (discontinued operation) management view
Wealth Management (discontinued operation) management view 2021 2022 2023 2024 2025 Wealth Management Profit or Loss1 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H3 FY24 1H3 2H2 FY252 Fund management fees 15.5 15.5 31.0 16.0 13.9 29.9 10.9 10.5 21.3 10.0 6.4 16.4 5.7 1.6 7.3 Interest Income 0.1 0.3 0.4 - -
Slide 38: Balance Sheet, Embedded Value at 31 December 2025
Balance Sheet, Embedded Value at 31 December 2025
Slide 39: Balance sheet as at 31 December 2025 (AASB 17)
Balance sheet as at 31 December 2025 (AASB 17) 31 December 30 June Consolidated Balance Sheet (shareholder view)1 Net Asset Position2 2025 2025 Assets ✓ Net assets of $348.4m or 55.9cps, net of on-market Cash and cash equivalent 192.0 232.8 buyback ($10.3m) Investments 453.5 448.3 Receivables 46.5 3
Slide 40: Embedded Value movement analysis
Embedded Value movement analysis Embedded Value1 Waterfall: FY25 – 1H26 ($M) 40 1. Embedded Value at 4% discount rate margin, including a value for future franking credits, accrued franking credits and Employee Share Plan (ESP) loans. Risk free rate of 4.5% adopted in 1H26 (FY25: 4%)
Slide 41: EV movement analysis @ 4% DM by segment
EV movement analysis @ 4% DM by segment at 31 December 2025 Movement Analysis @ 4% dm Life Other Total EV - 30 June 2025 @ 4% dm (As Published) incl. Franking Credits and ESP Loans 619.1 (15.9) 603.2 Dividends/ share-buyback - (10.0) (10.0) Restatements/modelling differences 5.0 - 5.0 Capital transf
Slide 42: EV sensitivity analysis @4% DM
EV sensitivity analysis @4% DM1 EV Sensitivity Analysis - Life @ 4% dm ($m) 42 1. Does not include the impact of management actions in response to sensitivities (for example, premium rate changes), or reinsurer response to sensitivities (for example, reinsurer rate changes). “dm” represents the disc
Slide 43: Disclaimer
Disclaimer Important notice and disclaimer Summary information Pro-forma financial information This investor presentation (Presentation) contains information about ClearView Wealth Limited (ACN ClearView uses certain measures to manage and report on its business that are not recognised 106 248 248)
Slide 44: End
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