Business
Challenger swings to loss after $750m value plunge – The Australian Financial Review
Challenger is set to reinvigorate its flagging annuities business after total sales fell almost $1 billion over the year. after it notched up a $416 million full-year loss following the coronavirus market plunge.
Assets under management grew 4 per cent to $85 billion, as major superannuation funds parked assets in Challengers managed funds as part of a strategy to deal with liquidity requirements during the governments early super release program.
Normalised net profit, stripping out asset price volatility to zone in on ongoing operations, fell 13 per cent over the year to $343 million on an after-tax basis. It expects a full-year normalised profit of between $390 million and $440 million this year.
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