Australia-based ClearView Wealth has a net profit after tax (NPAT) of A$1.9 million for the year ended 30 June 2013, a decline of 92% compared to A$22.3 million in the year ago period.
The company’s underlying NPAT dropped 17% to $16 million in 2013, compared to A$19.2 million in the year ago period.
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ClearView said the results reflect adverse term life insurance claims experience, loss of investment earnings due to a lower cash rate, dividend pay outs, and a higher effective tax rate.
The company has reported a 46% increase in the number of authorised financial advice representatives in the dealer group to 102 as of 30 June 2013.
ClearView managing director Simon Swanson said it is encouraging to see the change in the growth profile of the company.
"It is further encouraging for management to have new major shareholders who are supportive of our growth and ambitions," Swanson said.
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