Annuities business doubles for Challenger
Challenger Financial Services Group has turned in a robust September quarter, reporting to the Australian Securities Exchange (ASX) today that assets under administration and advice had risen by 50 per cent to $112.2 billion, while assets and mortgages under management had risen 3.4 per cent to $36.5 billion.
However, perhaps more importantly for the annuities specialist, the company reported that sales of annuities and associated products more than doubled during the quarter, rising 104 per cent to $245 million.
It said this rise reflected changes in investor risk preferences driving higher demand, coupled with an increased marketing and distribution focus.
The ASX announcement made reference to the company’s launch today of the Challenger Guaranteed Income Fund to be offered on BT Wrap Administration Platforms, which would expand the distribution footprint for annuities by 5,600 financial planners.
AUTHOR
Mike Taylor
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