Generation Development Group June 2024 Quarter Update

Generation Development Group (ASX: $GDG) has announced its June 2024 Quarter Update, revealing a 26% increase in Funds Under Management (FUM) compared to the previous corresponding period, reaching a total FUM of $3,299 million as of June 2024. The company also reported a $673 million FUM growth from June 2023 to June 2024, with a 21% increase in gross inflows, totaling $198 million in sales inflows from March 2024 to June 2024.

Executive Commentary on FY24 Performance and FY25 Outlook

Record inflows in the June quarter have marked a significant achievement for Generation Life, resulting in an all-time sales record for both Investment Bonds and Lifetime Annuities. The company's efforts in retention initiatives over FY24 have led to lower withdrawals and death benefit payments, contributing to the record year of sales and the increase in FUM from $2.6 billion to $3.3 billion in the last 12 months. Looking ahead to FY25, we are confident in the continued sales momentum for both Investment Bonds and Lifetime Annuities, with a strong pipeline of business expected in the first quarter. We are also optimistic about the growth potential in the Lifetime Annuities market and remain committed to investing in our market-leading Investment Bonds. Our initiatives and campaigns for FY25, including leveraging tax cuts and additional taxation on large super balances, are aimed at sustaining the current sales momentum and enhancing customer experience and online capabilities.

Summary of June 2024 Quarter Update and FY25 Outlook

Generation Development Group (ASX: $GDG) has achieved record inflows in the June quarter, leading to an all-time sales record for Investment Bonds and Lifetime Annuities. The company's FUM increased from $2.6 billion to $3.3 billion in the last 12 months, reflecting the success of retention initiatives and sales momentum. Looking forward, Generation Life is poised for continued growth in FY25, with a strong pipeline of business, increased active advisers, and a focus on the Lifetime Annuities market. The company's strategic investments in Investment Bonds and plans to capitalize on tax changes and customer experience enhancements demonstrate its commitment to sustained growth and market leadership.