Challenger Financial Services Group
(ASX:CGF) has rebounded from a loss in 2009 to post a net profit of $282.5 million for the year to 30 June.
The company says net profit rose due to a contribution of $51 million from Challenger’s Life business.
Revenue dropped 2.3 per cent for the last fiscal year to $1.6 billion.
CEO Dominic Stevens says the company believes its Life business will continue to grow and is targeting 20 per cent retail sales growth and 5 per cent net retail book growth for the year ahead.
A final dividend of 8.5 cents has been declared, with the full year dividend up 16 per cent to 14.5 cents.
Challenger reported a loss of $90 million for the year to 30 June 2009.
