Company news: Challenger Financial
Challenger Financial Group released its 1Q 2017 trading update. The update showed a business in 'rude' health, with Challenger reporting Retail annuity sales of A$1,033m (up 46% on pcp) and with a favourable mix of fixed term annuity sales up 21% and lifetime sales up 208%. This growth materially beat brokers forecasts. Net growth in the total Life book was A$334m (or 3.1%).
This is a strong start to the year for Challenger and, if it continues, will see them raise their profit guidance for FY-17.