Global Research and Evidence Lab 13 August 2024 Challenger Strong P&L momentum into FY25 Results broadly ahead of market expectations We think CGF's FY24 result went a long way to addressing market concerns for Life margins, capital and business quality. ROE has finally emerged from the COVID hangover and we expect to exceed internal targets through FY25-26. Cost control was also a key feature of the FY24 result (cost ratio 4ppts lower) and we see further earnings upside from this source. Guidance appears t ...