Challenger has announced it received a $500 million equity injection from Japanese insurer MS&AD and has recorded strong annual results for FY17.
Challenger's 2017 full-year result saw the wealth management firm post a net profit after tax of $385 million, up 6 per cent on the 2015-16 financial year.
Assets under management for the firm were up 17 per cent to $70 billion, and Challenger recorded annuity sales of $4 billion, up 20 per cent on the previous year.
Challenger also announced a "strategic relationship" with Japanese firm MS&AD Insurance Group Holdings that will be supported by a $500 million equity placement to MS&AD.
Following the share placement, MS&AD will represent 6.3 per cent of Challenger's issued capital – a holding that the Japanese firm has stated it intends to increase to 10 per cent over the next 12 months.
Commenting on the partnership, Challenger chief executive Brian Benari said, "This strategic relationship builds on Challenger's successful relationship with MS Primary and broadens our access to the Japanese market.
"It also provides significant capital to fund our future growth. We look forward to further leveraging our relationship with MS&AD group and exploring new growth opportunities for both groups."
Staffing levels at the prudential regulator will rise and consumer advocates will be given more cash under new measures outlined in Tuesday’s budget...
The commercial law firm has signed on to partner with Australia’s leading technology and innovation event for financial advisers. ...
Insurers and industry bodies are urging life insurance clients to get a COVID vaccine as soon as possible, amid social media speculation that getting ...