Challenger Ltd Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst : Kieren Chidgey, Jarden. A couple of questions. I might just start on some of the numbers, Richard, you put on Slide 49 around the second half '21 mark-to-market gain. Just wondering if you can talk through sort of exactly what you're assuming over the month of June there? That seems like you're talking around $325 million for the second half. And also sort of what that $150 million Life Risk is net capital releases, which jointly look like they sort of boost your book value by about $0.60 a share.

Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst : And the present value of that Life Risk book which I think previously was about $820 million, give or take, that hasn't changed as a result of that in terms of the profit recognition moving forward?

Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst : And second question, just sort of looking further forward, I guess, your capital position today is very strong, particularly with those gains and releases coming through this period. But you are sort of signaling a high level of sort of capital requirements around the business, lower ROE commensurate with that. How does that all influence how you think about the dividend policy as you look out 2 to 3 years from now?

Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst : If I can just sneak in one last question for Angela.

Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst : Just keen on sort of if you can give us a little bit more color around the interactions you're having with institutions, industry funds around sort of the lead up to July next year and the introduction of CIP. What role do you think Challenger will actually play sort of when we see those products come to fruition?