Statutory net earnings after tax at the Australian financial advisor ClearView Wealth reached A$8 million in the year to 30 June 2010, helped mostly by its successful acquisition of Bupa's life insurance and wealth management units in June.

The result includes several one-off adjustments totalling A$7.9 million ($7 million), the most significant of which was a $15.3 million one-off profit on acquisition. MMC Contrarian last year acquired Bupa Australia's life insurance and wealth businesses for A$204 million and then changed its company name to ClearView Wealth to reflect the new focus.

"The acquired businesses are profitable, and have established positions in Australia's attractive superannuation and life insurance markets," Simon Swanson, ClearView managing director, said in a release.

ClearView presently has a total of A$3.1 billion ($2.75 billion) in funds under management and advice. In addition to the 55 financial planners it employs through its financial planning businesses, it also has an exclusive ten-year alliance with Bupa, opening access to 2.9 million potential customers for life insurance and wealth management sales.