Challenger's radical overhaul paying dividends.

Australasian Business Intelligence, February, 2006

Byline: Jessica Irvine

Feb 27, 2006 (The Age - ABIX via COMTEX) -- Challenger Financial Services Group has achieved an 8.1 rise in interim net profit, to $A60.2 million. Annuity sales for the first half of 2005-06 came in at $A154 million, and may potentially reach $A300

million for the full year. Funds under management expanded 26 per cent to $A11.9 billion. Challenger has been in the process

of radically overhauling its core operations, shifting its focus from lifetime annuity payments with income from property

investments to infrastructure investments. The company's shares closed at $A3.96 on 27 February 2006, a two per cent decline.

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