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Challenger’s annuity sales surge 208% in Sep quarter
October 18, 2016 09:40 AM

Challenger Ltd (ASX:CGF) has announced some positive September quarter results.  Its total group assets and funds under management in the quarter were $62 billion, which is a 3% increase over the same period last year.

The company also reported its annuity sales went up 46% to $1.03 billion, including record lifetime annuity sales, which surged by 208%. In addition, the company says it experienced 21% growth in term annuities.

Challenger says sales growth came from its investment administration platforms. This was due to its expanded distribution relationships, and from broad-based off-platform sales via financial advisers.

As for the 2017 financial year outlook, the company says earnings guidance for its Challenger Life business remains unchanged – between $620 million and $640 million.

Challenger posted a net profit of $330 million at 30 June 2016.

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