Challenger’s Record of Strong Australian Annuity Sales Continues in 1Q 2019
The highlights of no-moat Challenger’s first-quarter fiscal 2019 results include strong annuity sales and lower maturities in the Australian market that compensated for lower sales in Australian-dollar-denominated annuities in Japan, as well as lower institutional sales, and lower inflows than expected in Challenger’s funds management business. In combination, this prompts a modest increase in our fiscal 2019 underlying net profit after tax, or NPAT, to AUD 439.5 million from 432.6 million. This...Challenger is an investment manager with offices in Australia and London. Co.'s operating segments are: Life and Funds Management (FM). The Life segment comprises Challenger Life Company Limited (CLC), a provider of annuities and guaranteed retirement income products, and Accurium Pty Limited, a provider of self-managed superannuation fund actuarial certificates. The FM segment comprises Fidante Partners and Challenger Investment Partners (CIP). Fidante Partners provides administration and distribution services. CIP develops and manages assets under Co.'s brand for CLC and third party institutional investors. The investments managed by CIP are mainly in fixed income and commercial property.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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