Challenger is Well Positioned to Capture Expected Growth in Annuities; FVE Unchanged
Challenger shares have had a stellar run with an average total shareholder return over the past five years of almost 32% per year. This has been driven by the increased popularity of annuities and Challenger’s leading position in this space. In this note, we explore the attraction of annuities and the growth outlook. Our forecasts are unchanged with fiscal 2017 life division cash operating earnings slightly above guidance between AUD 620 million and AUD 640 million. At current levels, no-moat-ra...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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