Challenger names new chair

Duncan West will be the new chair of Challenger Group, replacing Peter Polson, who will retire in October.

West has sat on the investment manager's board as an independent non-executive director since 2018.

He currently chairs taudit committee and is a member of the risk committee and nomination committee.

He is a former chief executive of Vero Insurance and CGU Insurance.

Other previous roles include executive general manager of insurance for NAB Wealth and MLC.

"It is with great pleasure that I announce the election of Duncan as the new chair of Challenger. Duncan has served as a valued member of the Challenger board for a number of years and brings significant commercial acumen and expertise, including deep knowledge of the Australian and global insurance sector," Polson said.

"Today, Challenger is Australia's leading retirement income brand and one of Australia's largest active fund managers. I believe I am leaving the business in good hands."

West said he looked forward to working alongside the board, chief executive and leadership team as it continues to deliver positive outcomes for all our stakeholders."

He also acknowledged Polson's contribution to the financial services giant.

"Over his tenure, Peter has guided the business as it has grown into the strong and resilient company you see today. On behalf of the board, I thank Peter for his dedication," said West

Meanwhile, Challenger saw its profits hit from falling share markets in the second half of 2022, with its statutory tax profit dropping 57 per cent year-on-year.

The company said the fall was due to wider credit spreads and lower share markets "driving unrealised mark-to-market investment experience".

Normalised net profit before tax of $472 million was up 19 per cent.

Assets under management dropped 10 per cent to $99 billion.