Challenger enters annuity deals with AMP and Mitsui

Company News

by David Chau

Challenger Ltd (ASX:CGF) has announced that it entered two new key annuity relationships.

The first one is with AMP which, through its investment and administration platforms, will provide the full range of Challenger annuity products.

The second is with the Mitsui Sumitomo Primary Life Insurance Company Ltd, which provides Australian dollar annuity and life insurance in Japan.

The company does not expect these new relationships to have much of an impact on Challenger Life’s normalised cash operating earnings guidance. In fact, Challenger says it will remain unchanged in the range of $620M to $640M this financial year.

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

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.