Investment manager Challenger has seen its first half net profit jump 80 per cent, helped by growing demand for annuities.
It recorded a net profit of $234 million for the six months ended December 31, up from $130 million for the previous year.
Normalised profit was up 18 per cent to $182 million.
"These are strong results with double digit growth in every key financial metric which influences shareholder value. This has been supported by growth in assets under management, margin expansion and an improved cost to income ratio," chief executive Brian Benari said.
Challenger said it is on track to deliver full year cash operating earnings between $585 million and $595 million and return on equity of 18 per cent.
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