Ladies and gentlemen, thank you for standing by, and welcome to the Clearview Wealth Limited FY 2021 results conference call. At this time, all participants are in a listen-only mode. I must advise you that today's conference is being recorded. I would like to hand the conference over to your first speaker today, Managing Director of Clearview, Simon Swanson. Thank you. Please go ahead. Thank you for dialing in today. I'm joined this morning by Athol Chiert, Clearview's Chief Financial Officer. In a moment, Athol will take you through Clearview's half year 2021 result. First, I'll provide an overview and business update. There will be time for questions at the end. Page two provides a results snapshot. Despite challenging market conditions, the business performed strongly, due largely to improved claims management outcomes. For the half year, operating earnings increased 39% to AUD 13.1 million, and reported net profit after tax remained flat at AUD 9.7 million. Life insurance in-force premiums rose 8%, and gross premium income increased 7% to AUD 133.3 million. Life insurance accounts for 95% of the group's operating earnings. Overall, the business has proven very resilient to COVID-19 impacts, leading to the board's intention to reinstate the financial year 2021 final dividend, subject, of course, to second-half performance. FY 2021 is an important transitional year for Clearview, with key transformational projects underway, including the development of a new life insurance policy administration system, underwriting rules engine, and life insurance product series. I'll provide an update on Clearview's multi-year transformation program in a moment. Turning to page three, group underlying net profit after tax increased 29% to AUD 13 million in the first half 2021, buoyed by a 55% increase in life insurance operating earnings. Amidst ongoing structural regulatory change, Clearview's strong first half 2021 performance was driven by improved claims management outcomes and limited COVID-19 related claims. That said, ultra-low interest rates continue to adversely impact earnings on physical cash. The implementation of income protection price increases during the half also contributed to a lapse experience loss. A positive half year 2021 life insurance result should also be viewed in the context of overall industry performance amidst extremely difficult market conditions. For the year ending the 30th September 2020, the life insurance risk industry products lost just over AUD 1.5 billion, largely attributable to an AUD 1.3 billion loss on income protection. This extended five-year industry IP losses to over AUD 3.3 billion. In response to this deteriorating overall industry performance, APRA has intervened to start forcing structural change in the industry. Following APRA's letter to insurers in late 2019, Clearview was the first to cease the sale of Agreed Value contracts and subsequently implemented price changes in the region of 15% on average across the portfolio, commencing in April 2020. Improved rationality in the industry is starting to take effect across the market. Pages four and five outline Clearview's strategic priorities and our progress towards these objectives. The next 12- 18 months are critically important for Clearview as we work to deliver key milestones across our three segments of life insurance, wealth management, and financial advice. These projects will enable Clearview to deliver simple, effective products and services that are fit for purpose and provide greater certainty for customers and advisors. They will also ensure that Clearview remains easy to do business with for both customers and advisors. Importantly, our transformation program will lay a strong foundation for Clearview's future growth and success, and our transformation program is on track. We have commenced the build of a new contemporary policy administration system, underwriting rules engine, and life insurance product series to meet the 1st of October deadline for APRA's sustainability measures. In wealth management, the focus is on transitioning our wrap platform to HUB24 to deliver greater choice, functionality, and flexibility for both customers and advisors. Repositioning our wealth business to scale is a key strategic priority, as the integration with our life insurance business is an important strategic imperative. In financial advice, ongoing investment in technology and governance to attract high-quality financial advisors to our dealer group and our dealer services business, LaVista Licensee Solutions, is a key priority as the group builds towards scale. To date, 28 AFSLs have joined LaVista since its inception in late 2018, and we have a strong pipeline given the structural shifts that are occurring in the market. As articulated on page six, demand for the products and services offered by Clearview remains strong. This demand is underpinned by Australia's unique compulsory superannuation system, complex tax and social security rules, aging population, and rising levels of both wealth and debt. The rapid onset of COVID-19 only reinforced the importance of value of financial products like life insurance. Pleasingly, Clearview was ranked number one by advisors for supporting customers suffering financial hardship due to the impact of COVID-19. While the numbers of Australians who have succumbed to COVID-19 has been relatively low compared to other parts of the world, it has reminded us all that sickness, disease, and possibly death can strike anybody at any time. It has highlighted the tangible benefits and enduring relevance of life insurance for individuals, households, and society. Staying on the subject of life insurance for a moment, the industry is undergoing significant change. The table on slide seven outlines APRA's IDII sustainability measures and Clearview's response. It also reinforces our deliberate decision to participate only in the advised life insurance segment. I'll now hand over to Athol to talk about our half year 2021 results in further detail. Thank you, Simon. Turning to page eight, our operating earnings for Life insurance increased 55% to AUD 12.4 million. Life insurance contributes 95% to group operating earnings. Material improvement in Life insurance profitability in half year 2021 is driven by the strong underlying claims performance that is measured relative to the material changes that were made to the assumptions at 30 June 2020, including an allowance for potential COVID-19 impacts. The key performance drivers included are strong claims performance in half year 2021 compared to assumptions, lapse performance adverse to expected overall with some variances in performance between products, the impacts of the reduction in interest earn on physical cash backing, and the impact on expenses from the investment in key projects, claims management, and the retention focus adopted in half year 2021. In the second half of FY 2021, Clearview's focus remains on retention initiatives, considering the repricing and COVID-19 impacts. Claims management continued to review our pricing profile and addressing the fundamental issues with IP products offered in the market. It is anticipated that structural change, the return of rational pricing, the implementation of the new contemporary platform, and the launch of new products will see new business volumes increase over time. Turning to wealth management, funds under management increased to AUD 3 billion. Funds management fees declined to AUD 15.5 million due to margin compression and a change in business mix. The segment's cost base has also increased due to the higher cost of shared services, technology, and regulatory costs. Our sweet spot remains in the advised middle market, looking for unitized super and non-super solutions. Our broad range of implemented model portfolios give investors the flexibility to make manager and asset allocation decisions based on their needs, objectives, and risk profile. On the next slide, Financial Advice operating earnings before tax increased to AUD 0.8 million during the half, up 60%. Net financial planning fees decreased by AUD 1.7 million or 19% to AUD 7.1 million. Membership fees increased from the implementation of the new pricing model and the transition of older franchise agreements to the new pricing model. Changes to remuneration and fee model in the dealer groups were introduced on 1 November 2019, representing a fairer, more sustainable revenue base. The launch of LaVista also allows Clearview to provide business support services to advisors who have obtained their own AFSL, with recruitment now gaining traction. The fee income generated from membership fees as a result of these changes increased by AUD 0.9 million, including a contribution of AUD 0.6 million from LaVista. The increase in sustainable revenue was offset by a reduction in grandfathered revenue streams and a material decline in the financial support received from other Clearview entities. Operating expenses reduced by 30%, driven by decreased overhead costs and completion of the advice remediation programs. These outstanding remediation programs have now been completed. On slide 14, the balance sheet reflects net assets as at 31 December 2020, which increased to AUD 462.2 million, and the net asset value per share of AUD 0.726 per share. We have a strong balance sheet that now includes the AUD 75 million raised via the Tier 2 capital raising. We have an embedded value of AUD 635.7 million or AUD 0.94 per share. That reflects the recurring revenue nature of the in-force portfolio and is in effect a discounted cash flow without taking into account new business flows. We have AUD 25.9 million surplus capital above internal benchmarks at 31 December. With the buildup of the tax credit issue resolved and the asset concentration risk addressed in the medium term. Our capital base is backed by net cash and investments of AUD 350 million or AUD 0.52 per share, and the capital base is resilient to various stress scenarios. I'll now toss back to Simon to talk about the business outlook and wrap-up. Thank you, Athol. FY 2021 is a base transitional year as the industry shifts over time to rational pricing, increasing life insurance sales, and sustainable product features. In light of the group's first half performance, the board has provided updated FY 2021 guidance of underlying net profit after tax in the range of AUD 21 million-AUD 25 million. The board has indicated plans to reinstate the FY 2021 dividend, subject, of course, to second half performance. This includes a AUD 1 million impact on underlying net profit after tax in the second half from interest costs associated with the subordinated debt that was raised in November 2020. Dividends are now based on the operating earnings after-tax metric to better reflect the impact on earnings of the ultra-low interest rate environment and changes in capital structure of the business for the successful issuance of Tier 2 notes. The business has proved resilient to both the health and economic impacts of COVID-19 to date. The APRA individual disability income protection sustainability measures are likely to improve industry performance in the medium term, with underlying margins and return on capital improving. Clearview has a strong balance sheet and capital base resilient to various stress scenarios. There are early signs of traction from key actions, including the shift to a line of business structure, improved capability, and capacity. The business is on track to meet its full year 2021 goals and a view to launching new products on a modern technology platform, thereby accelerating new business growth. That said, we continue to keep a close eye on COVID-19 developments, prioritizing the health and safety of our staff and customers. While roughly 90% of staff are back in the office two to three days per week, we'll quickly adapt our responses if required. In closing, I'd like to thank you for dialing in today. I'll pass back to the operator to open up for questions. Thank you, Simon. Ladies and gentlemen, we will now begin the Q&A session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or hash key. Your first question comes from Glen Wellham from MST Financial. Please ask your question. Yeah. Good day, guys. Just a couple of questions from me. First of all, well done on a great result. As part of the Life Company, there's been considerable improvement in the experience. I'm just wondering what the outlook, as you said, going forward for that experience would be. I think, Glen, from a perspective, I think we've been pretty pleased around the claims outcomes and the processes that have been put in place. I think we've tried to encapsulate that into the guidance. I think what we will reassess at June is the COVID overlays or the COVID assumptions. We have said through the documents that at this point in time, given the potential effects of JobKeeper, whilst the economic data is a lot better than initially anticipated, at the same time, the effects of government assistance programs and the like are yet to come off. Once we've got a bit of flow through that, we'll be in a better position at June to reassess that assumption, as well as the shift to the new IDII tables as part of the APRA DI action plans. I hope that answers the question, but that's. Yeah. I might add a bit to that too, Glen. I think pre-COVID, when we did the assumption changes, we expected a bit of a spike in claims. A couple of things have played out differently. Apart from the economic impact, there's also been the rise of telehealth, and I think telehealth has helped people have conversations a lot earlier than they normally would have done, and therefore, the interventions happened earlier, therefore, the outcomes improved. All in all, it's been an interesting year as far as managing claims go. I agree with Athol totally that, yeah, we'll visit assumptions in June and take it from there. Just on the quantum of the COVID provisioning, what were we talking, how much were we provisioned? I think we talked about a lot of detail in the June annual report in terms of what we allowed for in IP, was both an increase in incidence of claims as well as then a change in the termination rate, which was an allowance around how long people would be on claim for. The reserve change for that, off the top of my head at June, was around AUD 1.8 million. That was in the numbers that affected the overall June result because that affected the balance. I think it's something that you still assume for the second six months in terms of the same assumptions as we outlined at June, and we'll reassess it at June for the further outlook that we come up with at the full year. Yeah. We had, I think, a two-and-a-half% increase in suicide allowances on lump sums. Yeah. For this financial year, one-and-a-half% for next financial year. Okay, great. Thanks for that detail. Just on that new policy administration system for the Life company, what kind of benefits can we expect longer term from that? I think there's a host of benefits around efficiency service, ease of doing business, data, new product, and having a modern contemporary technology platform. Everything that you'd expect from a normal business case, Glen, in terms of a spend of that quantum. The benefits will flow next year or the year after, three years? Yeah. It's a multi-year program that the first phase is really new product and new system and off that then the existing flowing onto the new system over time. Yeah. Okay. Cool. Just one final question from me. Just in terms of that preference for buybacks versus dividends, what's your thinking around that at this stage? I think the board was quite explicit in terms of their intention to reinstate the dividend subject to second half performance and capital position. I think in the outlook, I think we've been quite explicit around that. Yeah. The house view is we'd prefer to pay a dividend than do a buyback at this stage. Okay. Excellent. Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Philip Pepe from Blue Ocean Equities. Hi. Thanks, guys, and well done on a good first half result. Just curious on the pattern of new business sales as we come out of lockdown and head back to CBDs and how perhaps Melbourne may be performing versus the rest of the country, and was January any different to the second quarter of last calendar year? I'll just speak to the Victorian, if I can just call it Victorian sales, Philip. Obviously, during the lockdown process, Victoria performed worse than the other states during the half year. For January, we'll comment on that after everything calms down. Understand. Okay. Thank you. Once again, to wish to ask a question, please press star one. There are no further questions at this time. I would now like to hand the conference back to Simon. Please continue. Look, thank you all very much for joining the call this morning, and we look forward to keeping you updated during the year. Thank you very much. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may all disconnect.