Retail investors are flooding back into annuities as the highest interest rates on offer in a decade wake the moribund retirement income market, which lets retirees tap into their wealth before they die.
Shares in ASX-listed Challenger Limited jumped 4.55 per cent to $7.59 after the financial services provider reported a record half for sales of its flagship annuity products, which surged 41 per cent to $3.5 billion.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
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
