Challenger (ASX:CGF) reported a 1% rise to AU$128 billion in assets under management for the fiscal first quarter, according to a Wednesday filing with the Australian bourse.
The investment manager said total Life sales declined 14% to AU$2.4 billion, including the impact of a AU$619 million group lifetime annuity policy win in Q1. Excluding the policy win, total Life sales rose 10% on the back of "exceptional retail lifetime and Japanese annuity sales growth and strong Challenger Index Plus sales."
Funds under management under the Funds Management division climbed 1% to AU$119 billion due to positive investment market movements.
Challenger reaffirmed its normalized net profit after tax guidance of between AU$440 million and AU$480 million for the fiscal year ending June 30, 2025.
Shares of the company were down 4% in recent trade.
Price (AUD): $6.56, Change: $-0.27, Percent Change: -3.89%
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