TAL takes 15.1% of Challenger
Major life insurer, TAL has confirmed that it has acquired a 15.1% stake in Challenger Limited.
In a move being interpreted by some analysts as part of a larger move into the annuities space, TAL’s confirmation said it recognised the “evolving needs of Australia’s ageing population and a shareholding in Challenger adds to TAL’s long-term commitment to the growing retirement sector”.
TAL chief executive, Fiona Macgregor said, “There is an important community need to address with five million Australians currently in or preparing for retirement. Our minority investment in Challenger is an extension of our commitment to supporting Australians’ financial needs during retirement.”
So Life Co’s have helped cruel themselves with strong support for LIF, FARSEA and Killing Advisers.
Now Life Insurance is in a death spiral, they want to get into $4 Trillion in Super for Annuities.
No doubt backing RIC to force punters to be sold Industry Super Lifetime annuities.
And when the punters want access to capital that their ISA BackPacker salesperson didn’t explain properly = next DISASTER
To create an Oligopoly