Challenger (CGF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians and respect for Elders, confirming quorum and community connection.

• Board members, executive team, and auditor introduced; agenda included performance update, strategy, and formal business.

• Voting and question procedures explained for both in-person and online attendees.

Financial performance review

• Normalized net profit before tax rose 17% to AUD 608 million, exceeding guidance.

• Assets under management increased 21% to AUD 127 billion.

• Statutory NPAT was AUD 130 million, down 24% due to asset and liability experience.

• Lifetime annuity sales increased 110%, with overall life sales at AUD 9.1 billion.

• Strong life sales, especially in long-term and lifetime annuities, supported higher normalized ROE, up 290 basis points.

• Capitalization remains strong with AUD 1.8 billion above APRA minimum, PCA ratio at 1.67x.

Board and executive committee updates

• Lisa Gray welcomed as new non-executive director; Heather Smith and John Green stood for re-election.

• Board composition reviewed following Apollo's reduced shareholding; ongoing focus on industry and digital expertise.

• Directors highlighted their diverse backgrounds and commitment to governance, strategy, and customer focus.