Challenger Ltd

CGF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.30	Cydz	Cqbbqpvj

Challenger Best Positioned for Growing Demand for Retirement Income. FVE Increased to AUD 8.50

Nathan Zaia

Aug 16, 2016

Challenger Limited's fiscal 2016 profit increased 8% to AUD 362 million, just below our AUD 368 million forecast. With strong annuity sales growth and margins held flat, Challenger is beginning to reap the rewards of its investments to capitalize on a growing retiree market. It is yet to be hurt by the low interest rate environment--demand for annuities continues to rise and to date the firm has been able to pass on lower returns on its investments by lowering returns on the annuities it sells.

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