Australia's Challenger jumps on higher quarterly life annuity sales; UBS hikes PT

Challenger

17/04/2025 05:31

Updates

** Shares of Challenger CGF.AX soar as much as 7.8% to A$6.65, hits highest level since October 16, 2024

** Insurer reports 20% jump in Q3 total life annuity sales at A$991 million ($629.8 million)

** Sales beats market consensus of A$950 million, says investment research platform Sandstone Insights

** Co tightens FY25 normalised net profit after tax forecast range to A$450 million - A$465 million, from A$440 million-A$480 million previously

** UBS hikes its price target for co to A$7.70 from A$7.65; keeps 'buy' rating

** Brokerage increases earnings per share forecast for 2025 by 2% on lower dilutive capital impacts

** YTD, shares up 10.7%

($1 = 1.5736 Australian dollars)

(Reporting by Sherin Sunny and Nichiket Sunil in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))