Challenger Limited is continuing to benefit from high levels of interest in annuities.
In an announcement released to the Australian Securities Exchange (ASX) today, the company said its total group assets and funds under management (FUM) for the September quarter stood at $62 billion — up three per cent for the quarter.
It said funds management achieved positive net flows across both Fidante Partners and Challenger Investment Partners of $0.9 billion for the quarter with FUM increasing by $2.2 billion for the quarter to $58.9 billion, as a result of these net flows ($0.9 billion) and positive investment markets ($1.3 billion).
The company said total life sales for the quarter were $1,083 million, comprising annuity sales of $1,033 million and other life sales of $50 million.
Annuity sales increased by 46 per cent on the prior corresponding period, including strong growth in term annuities (up 21 per cent) and record quarterly lifetime annuity sales (up 208 per cent).
