Business
Challenger annuities a victim of big four exit from wealth – The Australian Financial Review
Challenger is set to reinvigorate its flagging annuities business after it swung to a $416 million full-year loss following the coronavirus market plunge.
Mr Howes also pointed to normalised net profit, stripping out asset price volatility to zone in on the companys ongoing operations, which fell 13 per cent over the year to $343 million on an after-tax basis. It is expecting a full-year normalised profit over the coming year between $390 million – $440 million.
However, Challenger said sales of its term annuity products in Australia, which compete with term deposit products offered by the banking industry, had fallen 25 per cent in the past two …
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