Annuities continue to deliver for Challenger
Challenger’s annuities business is continuing to deliver for the company strongly underpinning its latest quarterly result.
The company announced to the Australian Securities Exchange (ASX) today that total group assets and funds under management at 31 March 2017 was $66.6 billion, up three per cent for the quarter.
However the biggest driver was annuity sales which increased 53 per cent on the prior corresponding period, with particularly strong growth in lifetime annuities which increased by 68 per cent for the period.
The ASX announcement said funds management achieved positive net flows across both Fidante Partners and Challenger Investment Partners of $1 billion for the quarter, with funds under management (FUM) increasing by $2.1 billion for the quarter to $64.3 billion, as a result of strong net flows ($1.0 billion) and positive investment markets ($1.1 billion).
It said total life sales for the quarter were $1,258 million, comprising annuity sales of $880 million and other life sales of $378 million.
Commenting on the quarter, Challenger’s chief executive, Brian Benari said the strong result had demonstrated the benefits of the company expanding its distribution and product offering.
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