Why it matters: Challenger is seeing more demand for annuity products.
High inflation has directed more retirees to products with income certainty.
Challenger will pay a final dividend of 12¢ a share.
Annuities and funds management business Challenger has forecast double-digit profit growth this financial year after strong demand for its retirement income products.
Challenger posted a statutory net profit up 13 per cent to $288 million on total assets under management up 6 per cent to $105 billion for the 2023 financial year.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
