Challenger's FY profit down 19%

Challenger Financial Group's full-year profit has slipped 19 per cent to $322.5 million.

Increased expenses have dragged Challenger Financial Group's full-year net profit down 18.9 per cent to $322.5 million.

Normalised net profit after tax, the investment management group's preferred measure of profit, rose eight per cent to $547 million.

Challenger will pay a fully-franked final dividend of 18 cents per share, up 1.5 cents from a year earlier.