Challenger upgrades profit guidance
Challenger Limited has upgraded its full-year profit guidance to the top end of its $555 million to $605 million guidance range on the back of another strong quarter.
Delivering a third quarter update to the Australian Securities Exchange (ASX) the company attributed the strength of its performance to its continued focus on longer duration more valuable sales.
Challenger managing director and chief executive, Nick Hamilton said he was pleased with the success of the company’s strategy to prioritise growing longer duration and more valuable annuity business which was improving the quality of the life book growth.
“Sales across our retirement income products in Life have remained strong, supported by rising demand for guaranteed lifetime income and a growing number of Australians entering retirement and aged care,” he said.
Hamilton also noted the performance of Challenger’s advised sales channel and MS Primary reinsurance partnership which were delivering strong volumes. He also noted that Challenger is continuing to develop new institutional relationships for defined benefit and retirement income partnerships.
Challenger’s quarterly update showed that group assets under management had grown 6% to $124 billion, while total life sales were $1.7 billion with lifetime annuity sales up 37% to $202 million.
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