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Australia's Challenger climbs to 1-1/2-year high on bright outlook, annual earnings beat

Shares of Challenger Ltd rose to their highest levels in nearly 16 months on Tuesday after the Australian investment management firm beat estimates on annual earnings, while investors also cheered its fiscal 2025 earnings outlook. Challenger reported a fiscal 2024 normalised net profit before tax (NPBT) of A$608 million ($400.73 million), a 17% hike from 2023 levels, buoyed by a 110% growth in the Sydney-based firm's lifetime annuity sales of A$1.5 billion. Annuity sales are income products, sold by insurance companies, which provide financial stability to the purchaser after retirement.

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