there are 3 parts to this entity:
the annunities buss
the life insurance lizz
the funds management bizz ......
annunities took a hit due to chg in Govt retirement incomes policy
https://www.ricewarner.com/wp-content/uploads/2018/05/The-Age-Pension-in-the-21st-century-220518.pdf
interestingly - when one goes throu the accounts - they cant take monies out of the life-office, unless approvals from regulator .........
the funds management bizz - manages most of the Life office assets, plus Fidante ......I suspect Fid is where the performance fees are generated
imho - the principal value driver is still annuities .........
this should be driven by no's of punters wishing to get "secure" incomes in retirement plus/minus whatever the Govt changes for assets / incomes in tests for various public funded pensions......
how this plays against "account based pensions" (in terms of market volatility in returns) is a key question (imho).......
I will be interested to see if they are getting good flows out of Japan (viz int rate differentials in two different markets........).....
starting to look most interesting (imho)...........
rgds
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