Challenger (ASX:CGF) has reported record 2017 financial year results, on the back of stronger assets under management.
The financial services firm that focuses on annuities saw its statutory net profit after tax (NPAT) climb 21 per cent in the year to $398 million.
Challenger’s EBIT also rose 21 per in FY17 to $45 million, compared to the prior corresponding period’s $37 million, thanks to a drop in its expenses and a rise in its net income.
The group’s net flows soared from $2.4 million in FY16 to $6.2 million in FY17.
At the same time the company announced its undertaking a $500 million equity placement to Japanese MS&AD Insurance, which it has a strategic relationship with.
Shares in Challenger (ASX:CGF) closed marginally lower yesterday to $12.85.