Challenger Ltd (ASX: CGF) is Australia’s largest provider of ‘annuities’, which are financial products typically sold to retirees who seek reliable income. Challenger was established in the mid-80’s and listed on the ASX in 1987. In 2018, Challenger managed more than $90 billion between its investment portfolio, which is the sum of the money invested by retirees who buy annuities, and its fund management business.
The S&P/ASX 200 (ASX: XJO) is expected to trade higher today with the Sydney Futures Exchange pointing to a positive open. Challenger Ltd (ASX: CGF) and Macuarie Group Ltd (ASX: MQG) have updated the market.