Challenger’s half-year profit and guidance was ahead of expectations
A shift to sell longer-term annuity products drove the profit boost
Challenger CEO Nick Hamilton said current higher rate settings helped demand
Challenger chief executive Nick Hamilton said the firm’s deliberate push to sell longer-dated annuities is paying off already, as the retirement income provider delivered a better than expected first-half result.
Its underlying interim profit of $290 million was up 16 per cent, supporting Challenger’s guidance for full-year profit at the upper end of its $555 million to $605 million range.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
