Third quarter performance update
Challenger Limited (ASX: CGF) today reported its third quarter results, with total Life sales up 10% driven by strong institutional and retail annuity sales. Group assets under management (AUM) was down 8% for the quarter following the completion of the previously announced sale of Whitehelm Capital.
Managing Director and Chief Executive Officer Nick Hamilton said:
"Challenger is a unique business with an exciting opportunity to meet the needs of more customers."
"This quarter, our business continued to perform well, highlighting the benefits of our 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 extend our customer reach and broaden our distribution channels."
"Product innovation remains a key priority and our market-linked annuity reflects our commitment to meeting the needs of more customers. The market-linked annuity has now been added to approved product lists of key financial advice businesses and initial feedback and engagement from financial advisers has been positive."
"The Funds Management business continues to see significant opportunities in both Australia and offshore."
"Integration of the Bank is well advanced and good progress has been made preparing our term deposits for launch via the retail broker channel. We expect to commence corporate and SME lending shortly, which will support sales growth and margins."
"Challenger remains on-track to achieve full year profit guidance and now expects to be towards the upper end of the range."
"As we look to the future, we are well placed to continue our growth trajectory, meet the needs of more customers and deliver on our purpose to provide financial security for a better retirement."