Challenger (CGF) AGM 2025 summary

Opening remarks and agenda

• Celebrated 40 years of serving customers, emphasizing the company's purpose of helping Australians achieve financial security in retirement.

• Highlighted the evolution of Australia's retirement savings system and the need to convert savings into secure income.

• Acknowledgement of Traditional Owners and respect for Elders, highlighting commitment to community and inclusion.

Financial performance review

• Normalized net profit after tax rose 9% to AUD 456 million, in line with guidance.

• Statutory NPAT increased by 48% to AUD 192 million.

• Normalised return on equity increased to 11.8%, exceeding the target for the first time since 2020.

• Record retail lifetime and Japanese annuity sales achieved; funds management expanded with innovative offerings.

• Maintained strong capitalization with AUD 1.7 billion excess capital as of 30 June 2025.

Board and executive committee updates

• Welcomed John Somerville and David Whittle as Non-Executive Directors, both standing for election.

• Farewelled JoAnne Stephenson and Kobayashi San, acknowledging their significant contributions.

• Board remains focused on governance, renewal, and aligning reward outcomes with shareholder returns.

• Executive team highlighted for delivering value, with several members having long tenures.