Bell Potter

Life COE of $316m, ahead of our $314m estimate;•Funds Management EBIT of $21m, ahead of our $18m estimate; New Japan relationship off to a strong start with MS Primary attracting $125m in sales, when it started in November. This has the ability to accelerate the total book growth, to possibly double the current rate over the next few years as little outflows are expected for the strong inflows; Strong net-flows and Sales: Life total 2Q17 sales $1,675m 38% ahead of our $1,214m estimate (includes new funds of $200m for GIR Product, and $150m for new Index Plus Fun oFunds Management 2Q net-flows of $2.3 billion, well ahead of our $0.2 billion estimate; New Client Win in Life: BT Financial Group to offer Challenger annuities on its platforms in Q118 (the same quarter as AMP). This is a massive win, and along with Colonial captures three of the five major platform providers in the market (Macquarie and IFL still move in a big way).


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