Challenger $328M profit driven by record annuity sales

Company News

by David Chau

Investment management firm, Challenger Ltd (ASX:CGF) has reported its statutory net profit was $328 million in the 2016 financial year.

Challenger says its profit increased by 10%, compared to the same period last year.

The company says its profit was partly driven by “record annuity sales” which were up 22% over the previous year. Challenger says these “record sales” were boosted by superannuation industry moves to include Challenger annuities on investment and administration platforms.

The company has declared a final dividend of 16.5 cents per share. Its full year dividend is 32.5 cents, which is an 8% increase over the last year.

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