Duncan West has been named as the new chair of Challenger, to replace incumbent Peter Polson after he retires on 27 October 2022.
West has been an independent non-executive director on Challenger’s board since 2018 and has more than 30 years of board and financial services experience across Australia and the UK, including CEO roles at Vero Insurance and CGU Insurance.
He is also the current chair of Challenger’s group audit committee and a member of its group risk committee and nomination committee.
Polson said: “It is with great pleasure that I announce the election of Duncan as the new chair of Challenger. Duncan has served as a valued member of the Challenger board for a number of years and brings significant commercial acumen and expertise, including deep knowledge of the Australian and global insurance sector.”
West added: “It is a privilege to be elected as the next chair of Challenger. Challenger is a company with a strong purpose and I look forward to working alongside the board, CEO and leadership team as we continue to deliver positive outcomes for all our stakeholders.
“I’d like to acknowledge Peter’s enormous contribution and commitment to Challenger as a long-standing member of the board and chair. Over his tenure, Peter has guided the business as it has grown into the strong and resilient company you see today. On behalf of the board, I thank Peter for his dedication to Challenger over the past 19 years.”
Challenger also reported its full-year results, posting a 19% increase in normalised net profit before tax of $472 million.
The group said profit was toward the upper end of the guidance range ($430 million to $480 million), driven by strong sales and FUM growth coupled with stable margins.
Statutory net profit after tax was $254 million, reflecting wider credit spreads and lower equity markets driving unrealised mark-to-market investment experience.
But group assets under management (AUM) were down 10% to $99 billion with strong life book growth and higher AUM offset by lower funds management AUM.
Nick Hamilton, managing director and CEO of Challenger, said: “The result reflects the underlying strength of our franchise. Our Life business continues to leverage favourable retirement and demographic trends while higher interest rates are supportive for both annuity sales and investment returns.”
