Challenger reports strong Q1 growth
Challenger (ASX:CGF) posted strong first-quarter results for FY25, with total assets under management increasing to $128 billion, up 1%.
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Challenger Life is Australia’s largest provider of annuities and provides guaranteed income to thousands of customers. We’re a multi-award-winning Life Company and have $19 billion in assets under management (as at 30 June 2019).
Who we are
Challenger is focused on providing customers with financial security for retirement. We do this by offering investment strategies that exhibit consistently superior performance, and by helping customers in retirement with safe and reliable income streams.
As Australia’s largest annuity provider, we provide reliable, guaranteed income payments to thousands of Australian retirees. Annuity products appeal to retirees as they provide security and certainty of guaranteed income in retirement, whilst protecting against share market and inflation risks. Our lifetime annuities also protect retirees from the risk of running out of money late in life.
The guaranteed retirement incomes we pay are backed by a high-quality investment portfolio, including fixed income and commercial property investments. These investments generate regular and predictable investment income, which we use to fund retirement incomes paid to our customers.
What we do
We offer a range of products aimed at helping our customers during retirement. Our market-leading annuities provide a secure income, either for their lifetime or for a fixed term they choose, regardless of how share markets perform.
Challenger (ASX:CGF) posted strong first-quarter results for FY25, with total assets under management increasing to $128 billion, up 1%.
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Challenger (ASX:CGF) shares fell by more than 13% on Thursday after its largest shareholder, American investor Apollo Global Management, more than halved its stake in the Sydney-based investment group.
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Sydney-based investment manager, Challenger (ASX:CGF) produced a mixed earnings result for 2023-24, as assets under management (AUM) grew 21% but statutory net profit fell from the previous year.
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Challenger shares fell more than 10% yesterday as its annual profit took a huge hit from the June half slide in markets, while its $35 million adventure into banking is coming badly unstuck.
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Morgans maintains its Add rating and raises its target price to $8.21 from $8.14.
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The Neutral rating is retained and the target price increases to $7.60 from $7.00.
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Neutral retained, target falls to $6.60 from $6.70.
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Forecast updates from both Challenger and Stockland during Thursday's ASX trading session, with both reinstating previous guidance and offering positive profiles moving forward.
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Annuities specialist and fund manager Challenger is heading deeper into banking after posting a half-year profit of $282 million and lifting interim dividend 21% to 11.5 cents a share.
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The broker retains a Neutral rating and raises the target to $6.25 from $6.10.
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