AMP has added Challenger's suite of annuities to its investment and administration platforms.
In a statement on the ASX this morning, Challenger announced it had entered into new distribution agreements with AMP and Japanese life insurer Mitsui Sumitomo Primary Life (MS Primary).
AMP will provide the full range of Challenger's annuity products through North, MyNorth, AMP Flexible Super and SignatureSuper.
Challenger chief executive Brian Benari said, "This is an important step as AMP is a market leader in Australia’s high growth retail superannuation sector and operates Australia’s largest retail adviser network, with over 3700 advisers."
MS Primary, a provider of Australian dollar annuity and life insurance products in Japan, has also agreed to distribute Challenger's annuities.
"Commencing in November 2016, Challenger will issue Australian dollar fixed rate annuities with a 20 year term to support a reinsurance agreement with MS Primary," said the statement.
Mr Benari said, "Japan has one of the world’s most rapidly ageing populations who are looking for income from longer dated products due to the negative Japanese interest rate environment.
"MS Primary’s local expertise and extensive distribution footprint combined with our risk management and investment capability creates a compelling proposition."
Read more:
US equity income still attractive: SSGA
Global insurers embracing risk, says report
New 'retirement income' role needed
Banks blame 'legacy systems' for advice failures
NAB reports $6.48bn profit, holds dividend steady
The major bank has announced additional charges of $525 million after tax in connection with increased provisions for its customer-related r...
The Commonwealth Bank has advised that it will begin a reimbursement process to current and former staff for lost wages from next week. ...
The major banks have seen their reputations significantly downgraded in an annual perception survey, with AMP placing last out of 60 Austral...
