Sydney-based investment manager Challenger (ASX:CGF) produced a combined result for 2023-2024, with assets under control (AUM) up 21%, although legal profit declined year-on-year.
Challenger said it increased its assets under control to $127. 1 billion, from $105 billion a year earlier, while its “normalized” net profit before tax (NPBT) rose 17% to $608 million. The matrix narrowly exceeded the upper end of the expected diversity of $555. million to 605 million dollars.
The full-year dividend was unchanged at 26. 5 cents per share.
However, the net legal source of revenue fell 24% year-over-year to $130 million from $171 million, compared with analysts’ forecast to rise to $213. 6 million.
The company said this was due to the unrealised impact of lower commercial property valuations and changes to UK mortality rate assumptions (there were 2% more deaths than forecast in England in 2023).
Challenger said it will target a normalized pre-tax net revenue stream of between $440 million and $480 million in 2024-2025, with the midpoint representing a 10% increase from FY24. This equates to a diversity of NPBT’s popular forecast of between $640 million and $700 million.
It said its NPBT result is due to the continued strong functionality of its life insurance department and a disciplined technique for charging management.
The asset expansion was driven by expanding life insurance portfolios and strong net fund control inflows, the company said.
Chief executive Nick Hamilton said the company’s life business “performed exceptionally well and demonstrates our expertise in offering a guaranteed source of income to more Australians, with longer terms and annuity sales contributing to $9. 1 billion in lifetime sales. ”
“Fund management has also expanded its offering and capabilities, launching new investment methods within Fidante, as well as boosting personal credit generation at Challenger Investment Management to meet the growing demand for higher-yielding income source methods,” he said.
Despite the weaker legal result, the stock was up more than 6% until late in the morning.
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