Challenger Limited’s (ASX:CGF) net profit has slumped 43 per cent to $148.5 million in the 2012 financial year amid investment market volatility.
The provider of financial services says on a normalised basis, excluding investment gains and losses, net profit lifted by 36 per cent to $297 million.
CEO Brian Benari says conditions for all wealth managers have been trying over the last four years but the company’s assets under management, sales and profits have been growing.
Looking ahead Challenger is targeting 15 per cent retail annuity sales growth, 10 per cent retail book growth and $440 to $450 million in cash earnings for the life company.
An unfranked final dividend of 10.5 cents per share has been declared, bringing the full year payout to 18 cents.