Challenger eyes higher profits

challenger/Life/funds/

22 April 2022
| By Liam Cormican |
image
image
expand image

Challenger is expecting its 2022 financial year net profit before tax to hit the upper end of the $430 million to $480 million guidance range, following life sales jumping 10% to $2.7 billion.

Announcing its third quarter results to the Australian Securities Exchange (ASX), Challenger pointed to strong institutional and retail annuity sales as the driving factor behind its Life sales.

Meanwhile, group assets under management (AUM) was $100 billion, down 8% for the quarter following the completion of the sale of Whitehelm Capital.

Total life net flows were $491 million for the quarter, including annuity net inflows of $286 million and other life inflows of $205 million, with book growth for its Life business growing 2.8%.

Challenger’s new chief executive, Nick Hamilton, said Challenger had performed well this quarter, highlighting the benefits of its diversification strategy.

“The life business maintained its impressive performance, with book growth of 2.8% for the quarter. Sales growth exceeded 10% across both institutional and retail, reinforcing the success of our strategy to extends our customer reach and broaden our distribution channels.”

Hamilton said product innovation remained a key priority for Challenger and that its market-linked annuity reflects our commitment to meeting the needs of more customers.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND