Investment management firm, Challenger Ltd (ASX:CGF), has reported its statutory NPAT dropped 14%to $202 million in 1H17.
The company says the fall in profit was because Challenger recorded a significant one off item in 1H16 – profit from selling its stake in Kapstream Capital to Janus Capital Group.
However, Challenger had record annuity sales in 1H17, rising 34% to $2.2 billion.
In 1H17, the company declared an interim dividend of 17 cps, which is 6% higher than the previous interim dividend.
As for its outlook in FY17, Challenger has reaffirmed its cash operating guidance within a range of $620 to $640 million.