ClearView Wealth Limited (ASX: CVW), a diversified financial services company, has provided a business update ahead of its HY20 results announcement, mentioning a major unfavourable decline in claims and higher than expected lapses, amid challenging market conditions.
- The company expects underlying NPAT for the half-year ended 31 December 2019 of $10.2 million;
- And reported NPAT for the half-year ended 31 December 2019 of $9.8 million;
- Key contributors to the poor lapse and IP claims experience across the industry include rising consumer costs, poor wages growth, step premium rating structures and reducing interest rates.
At AEDT 12:56PM, the stock was trading at $0.450 per share, down by 4.255% from its previous close.