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CHALLENGER LIMITED Earnings Release 2004
64641_rns_2005-02-27_9fac101b-b377-4a65-93fd-b0d81de23ba0.pdf
Earnings Release
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MARKET RELEASE
28 February 2005
ASSETS & LOANS UNDER MANAGEMENT / ADMINISTRATION 31 DECEMBER 2004
28 February 2005, Sydney - Challenger Financial Services Group Limited (CGF) today announced that at 31 December 2004 its assets under management / administration totalled \$28.3 billion (30 September 2004 \$26.7 billion).
Funds under management in managed investments increased nearly eight per cent in the quarter to \$6.7 billion (30 September \$6.2 billion). Assets under administration were \$3.3 billion, compared with \$2.9 billion at 30 September 2004.
Challenger's mortgage loan book totalled \$17.5 billion at 31 December 2004 (30 September 2004 \$16.7 billion) with strong growth in the prime residential lending book, non-conforming and New Zealand operations.
As previously reported, sales of annuity products have slowed considerably since legislation changes became effective on 20 September 2004. Challenger's annuity sales for the quarter ended 31 December 2004 were \$60 million.
FNDS
Assets and loans under management/administration
as at 31 December 2004
| 31 Dec 04 \$m |
30 Sep 04 \$m |
|
|---|---|---|
| Net assets backing annuity obligations | ||
| Investments managed for the life company (excludes market linked life policies and business assets) | ||
| Direct property 1 | 1,783 | 1,765 |
| Fixed interest, including hybrids | 1,271 | 1,266 |
| Cash | 396 | 873 |
| Infastructure assets | 271 | 51 |
| Other assets | 104 | 103 |
| 3,825 | 4,058 | |
| Senior debt 1 | (814) | (1, 159) |
| 3,011 | 2,899 | |
| Managed investments where Challenger acts as Responsible Entity, Approved Trustee or | ||
| Investment Mandate Manager (includes 5Di funds, Custom Choice funds and market linked | ||
| life policies) (interfunding eliminated) | ||
| Australian equities funds/mandates | 2,023 | 1,755 |
| International equities funds/mandates | 85 | 81 |
| Direct property (via syndicates) | 152 | 166 |
| Mortgage funds | 3,304 | 3,227 |
| Fixed interest funds | 666 | 511 |
| Cash funds | 32 | 39 |
| Multi sector funds 2 | 415 | 397 |
| Alternative investment funds | 14 | 31 |
| 6,691 | 6,207 | |
| Beston Wine Industry Trust (gross assets) | 273 | 255 |
| Funds under administration | ||
| Synergy mastertrust | 1,656 | 1,565 |
| Galaxy Wrap | 88 | 81 |
| Solar Wrap 3 | 1,519 | 1,347 |
| 3,263 | 2,993 | |
| Mortgage loan book | ||
| Mortgages via Howard Mortgage Trust (assets also included in the Mortgage Funds above) 4 | 2,466 | 2,364 |
| Mortgages via Interstar Wholesale Finance including Interstar - Non conforming s | 15,081 | 14,370 |
| 17,547 | 16,734 | |
| Total assets under management/administration 6 | 28,319 | 26,724 |
Property and senior debt as at 31 December 2004 are reported excluding the effect of FX and interest rate hedging
- Depending on the fund type, 5Di funds have been included in either International equities, Australian equities or multi sector funds
Solar Wrap is a product of Associated Planners which was acquired on 13 August 2004
Durin
Interstar Non Conforming previously known as The Mortgage Alternative ('TMA')
Excludes double counting of mortgages via the Howard Mortgage Trust