Challenger Limited · ASX:CGF
Challenger — Shareholder Meeting (October 2026)
36 slides from Challenger's shareholder meeting presentation, Oct 29, 2026
Slide 1: Annual General Meeting Chair and CEO addresses
Market Release 29 October 2026 For personal use only Annual General Meeting Chair and CEO addresses Challenger Limited (ASX: CGF) is today holding its 2026 Annual General Meeting (AGM), beginning at 9:30am (Sydney time). The AGM will be held as a hybrid meeting, which means shareholders can attend i
Slide 2: Chair address: board introductions and meeting procedures
Before we begin the formal business of the meeting, I would like to introduce your Board members, starting on my immediate left: • Managing Director and Chief Executive Officer, Nick Hamilton. • Non-executive Directors: Melanie Willis, John Green, Lisa Gray, John Somerville, Heather Smith, and Dave
Slide 3: Voting procedures and Chair introduction
For those attending in person and entitled to vote, you can scan the QR code on your blue attendance card using your mobile device at any time. This will take you to a terms and conditions page and, once accepted, to the online voting page. For those participating online and entitled to vote, you ca
Slide 4: FY26 financial performance
It’s not a surprise therefore, our business has attracted the interest of others – and I will address the non- binding indicative offer received from TAL Daiichi Life Australia on 16 October in a moment. But suffice to say, the interest in our business is a reflection of our unique strategic positio
Slide 5: APRA capital standards and TAL Daiichi offer
APRA capital standards Nick will speak in more detail about the progress made during the year, but one development that deserves particular recognition is the introduction of APRA’s new capital standards for providers of longevity products. For personal use only These are the most significant change
Slide 6: Board succession and renewal
That makes Board succession and renewal an important priority for me and my fellow Directors. Succession planning is a fundamental responsibility of any Board. It requires the right balance between continuity and renewal, a clear understanding of the skills the company will need in the future, and c
Slide 7: Chief Executive Officer Address: FY26 highlights
Chief Executive Officer Address Introduction Thank you, Duncan, and good morning everyone. For personal use only It is a pleasure to speak with you today to both recap the year we’ve had, share some of our recent key achievements and provide some perspectives on how I am seeing the future for Challe
Slide 8: Strategic retirement partnerships
During the year, we entered strategic retirement partnerships with Insignia, BT and Colonial First State. These partnerships reflect our focus on product and technology innovation, as well as the work of our teams to understand what each partner needs to deliver better retirement outcomes for their
Slide 9: Investment excellence
These initiatives broaden the markets in which we can apply the retirement, investment and risk management expertise we have built over many years. Investment excellence Fourthly, strengthening our investment management business. For personal use only Our investment capabilities remain central to Ch
Slide 10: Closing remarks and About Challenger
I also thank our customers for the trust they place in us, our partners for their ongoing support and our shareholders for their continued confidence in Challenger. Finally, thank you to Duncan and the Board for their continued guidance and support. Thank you, and I'll now hand back to Duncan. For p
Slide 11: 2026 Annual General Meeting
rsonal use only 2026 Annual General Meeting 29 October 2026 Life. Well lived.
Slide 12: Acknowledgement of country
rsonal use only Acknowledgement of country Challenger acknowledges the Traditional Owners of Country throughout Australia and we pay our respects to Elders past and present. We recognise the continuing connection that Aboriginal and Torres Strait Islander peoples have to this land and acknowledge th
Slide 13: Duncan West, Independent Non-Executive Director and Chair
rsonal use only Duncan West Independent Non-Executive Director and Chair 3
Slide 14: Highly experienced and capable Board
Governance Highly experienced and capable Board rsonal use only Duncan West Nick Hamilton Lisa Gray John M. Green INDEPENDENT NON-EXECUTIVE M AN AG I N G D I R E C T O R AN D INDEPENDENT NON-EXECUTIVE INDEPENDENT NON-EXECUTIVE D I R E C T O R AN D C H AI R CHIEF EXECUTIVE OFFICER DIRECTOR DIRECTOR A
Slide 15: Executive team
Executive team Experienced leadership driving growth and long-term value for customers and shareholders rsonal use only Nick Hamilton Alex Bell Damian Graham Anton Kapel Susan Looi Louise Roche M AN AG I N G D I R E C T O R C H I E F F I N AN C I AL GROUP CHIEF CHIEF EXECUTIVE, CHIEF RISK CHIEF PEOP
Slide 16: Duncan West, Independent Non-Executive Director and Chair
rsonal use only Duncan West Independent Non-Executive Director and Chair 6
Slide 17: Participating in the AGM: asking a question online
Participating in the AGM rsonal use only Asking a question online Written • Select the Q&A icon on your screen • Type your question into the chat box at the bottom of the screen and press ‘Send’ Verbally • Follow the instructions on the virtual meeting platform 7
Slide 18: Participating in the AGM: casting your vote
Participating in the AGM rsonal use only Casting your vote To access voting • In person - scan the QR code on the blue attendance card and accept the terms and conditions • Online - select the vote icon • To vote, tap one of the voting options for each item of business: FOR, AGAINST or ABSTAIN and y
Slide 19: Retirement is different
rsonal use only Retirement is different Retirement Investment Talented Age of Ageing Leader Excellence Team and Capability OUR Providing financial security for a better retirement PURPOSE OUR Australia’s leader in retirement income POSITION OUR 1 in 5 Australians will be in retirement by 2030 OPPORT
Slide 20: FY26 financial performance
FY26 financial performance Delivering returns for shareholders rsonal use only F I N AN C I AL P E R F O R M AN C E S H AR E H O L D E R O U T C O M E S C AP I TAL F L E X I B I L I T Y 68.1cps 3% 31.5cps 7% $ 1.1bn Normalised Full-year ordinary dividend Excess capital EPS 1.5cps special dividend ov
Slide 21: Our flywheel: accelerate growth
• Best in class teams • Customer centric • Removing sales friction Distribution rsonal use only Platform • Risk-adjusted returns Accelerate • Broaden asset longer-duration liabilities origination • Product development Accelerate Growth Sustainable and scalable returns Investment Excellence Our flywh
Slide 22: New capital settings for longevity products
New capital settings for longevity products Providing capital resilience and supporting growth rsonal use only APRA objectives Benefits 1 2 3 Improved customer outcomes Capital resilience Ensuring capital Maintaining the Improving alignment requirements for life financial resilience with comparable
Slide 23: TAL Daiichi Life Australia indicative non-binding offer
TAL Daiichi Life Australia Indicative non-binding offer rsonal use only • Non-binding and conditional indicative offer received from TAL Daiichi Life Australia Pty Limited (TDA) on 16 October 2026. • Offer to acquire the remaining 79.5% of ordinary shares in Challenger that TDA does not already own
Slide 24: Re-election of Directors
Re-election of Directors Strong board that exercises independent judgment rsonal use only Melanie Willis AM Duncan West INDEPENDENT NON-EXECUTIVE DIRECTOR I N D E P E N D E N T N O N - E X E C U T I V E D I R E C T O R AN D C H AI R Appointed: 6 December 2017 Appointed: 10 September 2018 14
Slide 25: Duncan West, Independent Non-Executive Director and Chair
rsonal use only Duncan West Independent Non-Executive Director and Chair 15
Slide 26: Nick Hamilton, Managing Director and CEO
rsonal use only Nick Hamilton Managing Director and Chief Executive Officer 16
Slide 27: FY26 highlights
FY26 highlights A year of growing momentum rsonal use only R E T I R E M E N T L E AD E R INVESTMENT EXCELLENCE TAL E N T E D T E AM AN D C APAB I L I T Y $1.1bn Retirement New income solutions Fidante and Channel partnerships CABN program / LiFTS platform Capital merger Advice Whole loans Offshore
Slide 28: Supporting the retirement journey
Supporting the retirement journey Partnering to unlock retirement ecosystem Pre- rsonal use only retirement Retirement Accumulating wealth Starting retirement / Downsizing Estate planning Aged care travelling Advice technology and guidance Products • Annuities – Lifetime & term Over half a Super fun
Slide 29: Successful long-term reinsurance partnership
MS Primary Successful long-term reinsurance partnership rsonal use only Offshore annuity sales ($m) 1,234 984 741 709 617 FY22 FY23 FY24 FY25 FY26 19
Slide 30: Setting our sights on growth
Setting our sights on growth Accelerating and scaling our platform by 2030 through diversified distribution channels rsonal use only Balance sheet growth supported by FY16 FY21 FY26 multi-channel strategy FY30 Advised Australian Retail Retirement advice technology | Platform partnerships Institution
Slide 31: Investment excellence
Investment excellence Strengthening investment management rsonal use only One investment Value Strong team discipline governance Experienced team delivering Track record identifying Strong governance consistent, risk-adjusted value-driven opportunities framework underpinned by returns across multipl
Slide 32: 1Q27 AUM and sales
1Q27 AUM and sales Record annuity sales driving strong AUM growth rsonal use only Sales Challenger Assets Under Management (AUM) $4.4bn +52% PCP1 $31.9bn +5% QOQ2 +7.7% Total book growth +6.3% Annuity book growth $4.4bn $31.9bn $30.1bn $30.5bn $4.2bn $1.6bn $3.8bn $3.9bn $2.9bn $2.4bn $0.3bn $1.2bn
Slide 33: Looking ahead
Looking ahead Building on our growth momentum rsonal use only Retirement leader Deliver retirement partnerships Broaden retirement and income solutions Investment excellence Maintain financial strength Invest in asset origination capabilities Talented team and capability Deliver technology uplift In
Slide 34: 2026 Annual General Meeting
rsonal use only 2026 Annual General Meeting 29 October 2026 Life. Well lived.
Slide 35: Appendix A - Assumptions
Appendix A - Assumptions Assumed application of new capital standards as at 30 June 2026 rsonal use only Item Comment Standard Illiquidity Premium Illiquidity Premium: 0.26% (Yrs 0-10); 0.20% (Yr 10+) Advanced Illiquidity Premium Bloomberg US Corporate Statistics Index (LUACSTAT) Reference Index Cre
Slide 36: Important note
Important note rsonal use only The material in this presentation is general background information about Challenger Limited This document may contain certain ‘forward-looking statements’. The words ‘forecast’, ‘expect’, ‘guidance’, group’s activities and is current at the date of this presentation.