Hub24 agrees to distribute Challenger annuities

Hub24's ConnectHub platform, a collaboration between Hub24 and its subsidiary Agility Application, will be used to distribute Challenger's annuities starting in the 2018-19 financial year.

According to a statement by Hub24, advisers will be able to purchase annuities for their clients "as they would any other investment on Hub24".

The news comes as Challenger announces its results for 2017-18, which saw life book growth up 37 per cent to $1.8 billion and total life sales up 12 per cent to $5.6 billion.

Assets under management for the group were up 16 per cent to $81 billion, and funds management net flows were $5.3 billion.

Challenger's statutory net profit after tax slipped 19 per cent to $323 million, but normalised net profit after tax was a record $406 million for the group, up 6 per cent.

In an apparent reference to the Hub24 agreement, Challenger managing director and CEO Brian Benari said, "A key driver of these results is our success in expanding our customer base by broadening our products and distribution activities.

"Following continued progress implementing our platform strategy, within weeks we will be present on the platforms used by two-thirds of Australia’s financial advisers."