Baby boomers boost Challenger's profit

RETIREMENT funds company Challenger has seen its net profit almost triple amid growing demand for annuities from baby boomers.

Challenger on Monday recorded a net profit of $417 million for the 2013/14 financial year, up from $149 million for the previous year.

Normalised profit was up four per cent to $308.5 million.

The company said it had received record flows into its annuities and funds management businesses, with total assets under management rising by 34 per cent to $44.8 billion.

Chief executive Brian Benari said it had been a pivotal year.

"Our funds management business is growing strongly and profitably from the solid foundations laid over the last few years, while our annuities business continues to prosper as baby boomers retire and seek security and regular income," he said.

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