Slide 1: FY25 Investor Presentation
ClearView results FY25 Investor Presentation 28 August 2025 Nadine Gooderick Athol Chiert Managing Director Chief Financial Officer
Slide 2: FY25 financial summary
Gross In-force Group Group Premiums Premiums Underlying NPAT Reported (Revenue for (Recurring annual revenue) NPAT FY25) FY25 2H25 FY25 $393.7m +10% $412.9m +10% $32.3m -8% $19.9m +11% $8.2m Up Large financial Life Insurance Life Insurance Surplus Embedded summary Underlying NPAT Underlying NPAT Mar
Slide 3: FY25 operational performance
FY25 Simplification Transformation delivered and Future focus front-end operational Wealth exit on track digital completed experience performance ✓ Simplification and transformation largely complete and benefits expected Leveraging technology investment to to materialise progressively from FY26 set
Slide 4: FY26 outlook and guidance
FY26 guidance1 FY26 Gross Premium Life Insurance Life Underlying Group Underlying Dividend Policy/ outlook and Income Underlying NPAT ($m) NPAT ($m) Buy-back NPAT Margin 40%-60% guidance ~$435-440m 11%-12% $47m-$52m $42m-$47m Group Underlying NPAT ✓ Dividend policy remains unchanged ✓ 10/12 share bu
Slide 5: ClearView introduction and strategic update
ClearView introduction and strategic update Nadine Gooderick Managing Director
Slide 6: FY25 strategic execution focused on disciplined delivery of key initiatives
FY25 strategic execution focused on disciplined delivery of key initiatives ClearView has now delivered on its simplification and transformation commitments Simplification Transformation Flagship ClearChoice Dec 21 Exit from financial product launched on new Exit Advice Oct 21 advice business cloud-
Slide 7: FY25 focused on quality growth with strong momentum rebuilding in 4Q25
FY25 focused on quality growth with strong momentum rebuilding in 4Q25 ClearView is one of the leading challengers in the adviser channel, with steady new business market share, consistently strong growth in in-force premiums and lapses remaining below industry New business market share remains stea
Slide 8: Single core insurance platform coupled with digital experience to accelerate growth
Single core insurance platform coupled with digital experience to accelerate growth ClearView Platform The ClearView Difference • Better customer and adviser experience • Modern cloud platform • Single customer view • Real time data driven analytics (including AI capability) • Leveraging technology
Slide 9: ClearView FY25 results
ClearView FY25 results Athol Chiert Chief Financial Officer
Slide 10: FY25 result overview
FY25 result overview ClearView delivered strong (double-digit) underlying earnings growth in 2H25, but the 1H25 result was impacted by a short period of elevated claims in 1Q25 Group Underlying NPAT (from continuing Underlying NPAT by Segment, $m 1H24 2H24 FY24 1H25 2H25 FY25 operations) by half yea
Slide 11: Proven growth in Underlying EPS despite short-term claims impact in FY25
Proven growth in Underlying EPS despite short-term claims impact in FY25 FY25 Underlying EPS decreased 9% to 5.0cps but was impacted by 1Q25 claims loss. 2H25 Underlying EPS increased 9% to 3.1cps post-normalisation of claims experience Group Underlying NPAT (from continuing operations) EPS (cps) 1H
Slide 12: Margin restored in 2H25 resulting in double digit growth
Margin restored in 2H25 resulting in double digit growth Strong track record of top line growth. 1Q25 claims loss had an adverse impact on Life Underlying NPAT and margin in 1H25, with claims normalising from 2Q25 onwards Life insurance underlying NPAT ($m) and margin (%) Commentary ✓ Gross premium
Slide 13: Claims normalised from 2Q25 onwards
Claims normalised from 2Q25 onwards Claims in 2H25 reverted to the long-term average. The 1Q25 claims loss is considered an outlier (at 66% higher than average for past 16 quarters) 1H25 claims ✓ 1Q25 reflected a gross claims loss ratio of 88%2 ✓ From 2Q25, the gross claims loss ratio improved mater
Slide 14: Technology and simplification driving structural cost efficiency over time
Technology and simplification driving structural cost efficiency over time Technology led investment and business simplification is anticipated to progressively drive sustainable improvement in the cost-to-income ratio Life insurance opex as a % of gross premiums ($m) Commentary ✓ Life insurance cos
Slide 15: Group net asset and surplus capital position
Group net asset and surplus capital position Group is in a strong net surplus capital position FY25 FY24 $M $M Net assets1 349.8 353.2 Intangible adjustments2 (45.0) (20.3) Net assets position of $349.8m (54.1 cps) Net assets after intangible adjustments 304.8 332.8 Net surplus capital position of $
Slide 16: 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). The dividend policy remains unchanged. FY25 dividend replaced by buy-back in response to market conditions Comment
Slide 17: Embedded Value reflects long-term nature of life insurance business
Embedded Value reflects long-term nature of life insurance business ‘Embedded Value’ (EV) is the generally accepted valuation metric used to value a life insurance business. ClearView has an EV of $0.817/share (excluding franking credits) or $0.94/share (including franking credits) Embedded Value ($
Slide 18: ClearView outlook
ClearView outlook Nadine Gooderick Managing Director
Slide 19: FY26 financial outlook and guidance
FY26 financial outlook and guidance The Board’s intention is that the 10/12 share buy-back program will resume immediately after the annual results are released FY26 Guidance: aligned to FY26 goals previously communicated Gross Life Insurance FY26 Life FY26 Group Dividend Policy/ Premium Income Un
Slide 20: 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 21: For further information, please contact:
Investor inquiries Trevor Franz Managing Director, Lancaster Grove Capital E trevor.franz@lgcapital.com.au For further information, Media inquiries please contact: E media@clearview.com.au
Slide 22: Appendix Additional Financial Information
Appendix Additional Financial Information
Slide 23: AASB 17 Financial Information (Management View)
AASB 17 Financial Information (Management View)
Slide 24: Consolidated FY25 results (AASB 17): Reconciliation of Underlying NPAT to Reported NPAT
Consolidated FY25 results (AASB 17): Management view - Reconciliation of Underlying NPAT to Reported NPAT1 2023 2024 2025 % Consolidated Profit or Loss¹ 1H 2H FY23 1H 2H FY24 1H 2H FY25 Change2 Gross life insurance premiums 160.0 165.2 325.1 178.0 180.1 358.1 191.4 202.3 393.7 10% Interest and other
Slide 25: 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 26: FY25 Result (AASB 17) - Life insurance management view
FY25 Result (AASB 17) - Life insurance management view 2023 2024 2025 Life Insurance Profit or Loss2 1H 2H FY23 1H 2H FY24 1H 2H FY25 Change1 Gross life insurance premiums 160.0 165.2 325.1 178.0 180.1 358.1 191.4 202.3 393.7 10% Interest Income 4.2 5.8 10.0 6.4 6.2 12.6 7.1 6.6 13.7 9% Interest on
Slide 27: FY25 Result - Life insurance key statistics
FY25 Result - Life insurance key statistics 2021 2022 2023 2024 2025 Key Statistics And Ratios ($M) 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H FY24 1H 2H FY25 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 In-Force - Total 282.0 289.8 289.9 297.3 311.4 311.
Slide 28: In-force premiums remains key driver of growth
In-force premiums remains key driver of growth Movement of in-force premium ✓ In-force premiums of $412.9m, up 10% ✓ 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 relevant period
Slide 29: 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 27% of the in-force portfolio. % of total in-force % of total in-force 29
Slide 30: FY25 Result - Listed/Group management view
FY25 Result - Listed/Group management view 2021 2022 2023 2024 2025 Listed Profit or Loss 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H FY24 1H 2H FY25 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 -21% Interest on debt & facility fees (1.0) (1.8) (2.8) (1.9) (2.0) (3.
Slide 31: FY25 Result – Management view of Wealth Management – Discontinued operation
FY25 Result – Management view of Wealth Management – Discontinued operation 2021 2022 2023 2024 2025 Wealth Management Profit or Loss1 1H 2H FY21 1H 2H FY22 1H 2H FY23 1H 2H3 FY24 1H3 2H3 FY253 Change2 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 -55% I
Slide 32: Balance Sheet, Embedded Value at 30 June 2025
Balance Sheet, Embedded Value at 30 June 2025
Slide 33: Balance sheet as at 30 June 2025 (AASB 17)
Balance sheet as at 30 June 2025 (AASB 17) Consolidated Balance Sheet (shareholder view)1 30 June 2025 30 Jun 2024 Assets Net Asset Position Cash and cash equivalent 232.8 101.3 ✓ Net assets of $349.8m or 54.1cps, net of FY24 final Investments 448.3 422.3 cash dividend ($6.3m) and on-market buyback
Slide 34: Embedded value at 30 June 2025
Embedded value at 30 June 2025 Embedded value (EV) represents the discounted cash flow of in-force portfolio – no new business is included in the calculations EV has been prepared on a consistent basis - allowance has now been made in future projections for changes to tax cash flow given changes to
Slide 35: Embedded Value movement analysis
Embedded Value movement analysis Embedded Value1 Waterfall: FY24 – FY25 ($M) 35 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% adopted in FY25 (FY24: 4%)
Slide 36: EV movement analysis @ 4% DM by segment at 30 June 2025
EV movement analysis @ 4% DM by segment at 30 June 2025 Movement Analysis @ 4% dm Life Wealth Other Total EV - 30 June 2024 @ 4% dm (As Published) incl. Franking Credits and ESP Loans 608.1 3.1 (20.1) 591.1 Dividends/ share-buyback - - (11.5) (11.5) Restatements/modelling differences 22.5 - - 22.5 C
Slide 37: EV sensitivity analysis @4% DM
EV sensitivity analysis @4% DM1 EV Sensitivity Analysis - Life @ 4% dm ($m) 37 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 38: 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 39: End
Rl ClearView