Announcing underlying NPAT of $36.5 million in its FY23 results, the firm has reaffirmed its focus on life insurance and will be exiting financial advice and wealth management under a simplified business model.
ClearView s decision to target the life insurance market solely is paying off as it grows its in-force premiums during the 2023 financial year and new business pours in.
Diverger has ended discussions to acquire Centrepoint Alliance due to lack of “meaningful engagement”. However, neither party is ruling out future scale plays within the industry.
Diverger has submitted a conditional proposal to acquire Centrepoint Alliance which would create the third largest licensee putting it just behind Insignia and AMP with almost 1,000 advisers. Although it offers a different servicing model to the major institutions, the benefit of scale will give it a market leading position over other licensee service providers.
The acquisition has brought a new combined entity of WT Financial Group and Synchron to 560 advisers, as per Australian Securities Investment Commissions’ Financial Adviser Register, according to Wealth Data.