Challenger
(ASX:CGF) recorded strong growth and record sales, driving business momentum for the period ending 30 Jun 2021 (FY21).
The investment firm focuses on providing customers with financial security for a better retirement. Total market value "group assets under management", reached $110 billion, up 29 per cent from the prior year.
This follows the decision to reposition the investment portfolio during the pandemic, including holding higher levels of cash and liquid assets.
The Life Business which aims to benefit long-term growth in Australia's superannuation and retirement system, delivered record sales of $7 billion.
Net cash flows hit a record $16 billion, following their goal to diversify their client base, distribution channels and product offering.
Net profit after tax was $278.5 million, down 19 per cent from the prior year, following the decision to maintain more defensive portfolio settings during the pandemic.
Challenger had $1.6 billion in excess regulatory capital. Full year dividend hit 20 cents per share, up 14 per cent from the prior year.
Shares in Challenger
(ASX:CGF) are trading 1.9 per cent higher at $5.89.
