Company news: Challenger
Challenger reaffirmed its FY16 guidance for its largest division, Life (annuities) this week - Cash Operating Earnings (COE) are expected to be in the range of $585 to $595m. NPBT from the Funds Management division is expected to $6m lower, impacted by UK market activity (Brexit uncertainty). Pleasingly, the trend quarter-on-quarter for annuity sales growth is very positive, with third party distribution channels (e.g. Colonial, an increasing number of industry super funds) really starting to pick up.