as chief executive of Challenger was greeted with the sort of sharemarket battering normally reserved for a company in deep trouble.
Also, the 57 per cent decline in statutory net profit to $253.7 million did not help sentiment. This was caused by the plunge in the value of assets in the life company, which has about $3.77 billion in sub-investment grade debt.Hamilton issued new guidance on Tuesday for the 2023 financial year of net profit before tax of between $485 million and $535 million. But the midpoint of this forecast was below the broker consensus of $530 million.
Hamilton says he is pleased with the growth in institutional sales of annuities which is mainly coming from industry superannuation funds. He highlights the forecast that $76 billion in super savings will move each year from the accumulation phase to the retirement phase.
When the bank was purchased, Challenger’s previous CEO, Richard Howes, said it was “highly strategic”. But the cost of integration and operational costs of running it make it uneconomic for Challenger.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Disgusting behaviour': Nick Kyrgios slams fan treatment of Daniil MedvedevThe Australian re-tweeted a social media video in which Medvedev is seen being heckled by fans after he lost to Kyrgios in the second round of the Montreal Masters, calling the behaviour 'disgusting'.
Source: abcnews - 🏆 5. / 83 Read more »
BOM declares La Niña alert warning of six wet months aheadAustralia braces for a third consecutive year of La Niña prompting fears of more devastating floods along the east coast; with heavy rainfall expected as early as this month. Weird, huh? Something's up. Something's changed. I thought it was climate change and global warming. Now its La Niña? Will someone just make a decision? Boo
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Myanmar junta court sentences Aung San Suu Kyi to six years in prison for corruptionA Myanmar junta court jailed Aung San Suu Kyi for six years for corruption on Monday, a source close to the case said, taking the ousted leader's prison time to 17 years.
Source: SBSNews - 🏆 3. / 89 Read more »
Commodities sink as China reignites growth fearsOil prices dropped to a six-month low and iron ore fell towards $US100 a tonne as concerns intensified that China’s recovery has stalled.
Source: FinancialReview - 🏆 2. / 90 Read more »
Worried about stagflation? These six ideas offer a havenInvesting in China, Brazil, India, Indonesia, Malaysia and Vietnam could be a way for investors to win against elevated inflation and recession. Investment in China should be banned until Democratic reform is undertaken in China. We should not build the assets of China that end up destroying Western Democracy in war and conquest. Tyranny in China is a liability to the world and a threat to world peace. Investing in China would be the stupidest thing anyone could do. Giving money to the CCP Investing in china ? Massive downturn and the regime can take your money. This is bad advice
Source: FinancialReview - 🏆 2. / 90 Read more »
Japan beachgoers warned to steer clear of dolphins after spate of attacksA single dolphin thought to have injured at least six people at beaches in Fukui prefecture, with one person requiring 14 stitches Japan, the home of Dolphin Cove slaughters. Maybe he lost some relatives at Taiji 😪 So long and thanks for all the fish
Source: GuardianAus - 🏆 1. / 98 Read more »