Saturday, November 18, 2017

Challenger enters Japanese market

Challenger has entered into an agreement with Mitsui Sumitomo Primary Life Insurance for its Australian dollar-denominated annuities to be sold in Japan.

According to company officials, the partnership will allow Challenger to have access to a market that is seven times bigger than in Australia.

Annuities are a key retirement product in Japan, which faces the twin challenges of an ageing population and low interest rates.

The size of the total Japanese annuity market is more than US$1 trillion, of which US$28 billion is denominated in Australian dollars.

At present, Mitsui Sumitomo Life is considered as the second biggest distributor of Australian dollar annuities in the world’s third largest economy.

The Japan partnership could be one of the biggest opportunities that Challenger has had for a long time, according to its chief Brian Benari.

 

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