Challenger Limited’s full-year profit has fallen 4.6 per cent to $307.8 million amid a fall in local annuity sales following the financial services royal commission.
The investment management firm lifted revenue 8.3 per cent to $2.37 billion and reported underlying earnings growth within its funds management portfolio, but Australian annuity sales dipped four per cent.
The company says challenging operating conditions are expected to continue in FY20 with a resulting impact on domestic sales.
Chief executive Richard Howes said the company was addressing the disruption the financial advice industry continues to face.
“While significant disruption has clearly impacted our results in 2019, our outcomes demonstrate the strength of the franchise we’ve built,” Mr Howes said in a statement.