For Q3FY17, Challenger Limited Robust performance due to increasing demand for annuities

Robust performance due to increasing demand for annuities: For Q3FY17, Challenger Limited (ASX: CGF) reported for a sustained and robust performance across its business verticals with growth in assets and funds under management (FUM), net flows and sales. Assets and funds under management (FUM) grew by 3% to $66.6 billion driven by strong net flows ($1.0 billion) and positive investment markets ($1.1 billion). FUM increased by $2.1 billion for the quarter to $64.3 billion. Fidante Partners’ FUM was up by 3% ($1.4 billion) to $48.4 billion, with net inflows of $0.4 billion and positive investment market movements of $1.0 billion. While, Challenger Investment Partners’ FUM grew by 5% ($0.7 billion) to $15.9 billion driven by an increase in fixed income managed on behalf of the Life business due to strong annuity sales. Annuity sales increased by 53% year on year (yoy) largely led by strong growth in lifetime annuities (up 68%). Total Life sales for the quarter stood at $1,258 million, comprising annuity sales of $880 million and Other Life sales of $378 million, were above Q3 FY16 but below the sales of Q2FY17. Moreover, the significant increase in lifetime annuity sales reflects the durable and growing demand from retirees for comprehensive retirement income plans post retirement. Notably, recently launched CarePlus product (designed specifically for the aged care market) witnessed a rapid growth of 207% to $46 million led by increasing adviser awareness and education.

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