Company news: Challenger
Challenger released its quarterly funds and assets under management figures. The company's funds under management increased 2% over the quarter, excluding the impact of the Kapstream sale and Dexion acquisition. The company's Life (annuity) division increased sales by 14% over the prior corresponding quarter, or up 12% if allowance is made for the discontinuation of the CareAnnutiy product (which was replaced with the new product, CarePlus, in August). The ageing population, along with additional distribution channels (e.g. through VicSuper and Colonial First State), bode well for future annuity sales.