CGF +4.41%: the investment manager posted a reasonable set of 1H numbers, headlined by a small beat at the profit line as higher interest rates create a tailwind for their core annuity offering. Net Profit Before Tax (NPBT) was a small beat at $250m, though the statutory number missed on weak investment outcomes. The Life business was key to the beat with strong sales coming through in the half. Their Funds Management arm was weaker than expected though, however, this is a small portion of earnings. Guidance was in line, NPBT for FY23 expected to be $485-535m vs consensus at $517m, the market will be more comfortable with expectations following the strong first half with the bulk of earnings already in the back pocket.
MM is neutral / positive CGF
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