Challenger has added to its annuity distribution channels, signing a white-label deal with Suncorp.

Its annuities will be sold through Suncorp financial advisers nationally.

“By offering a Suncorp-branded annuity product we are able to meet more of our customers’ needs by providing them with another avenue to manage their finances,” Suncorp CEO Michael Cameron said.

“Challenger is the leading provider of annuity products in Australia and our partnership will deliver value to all our stakeholders.”

Challenger CEO Brian Benari says the partnership allows Suncorp to tap into a growing market.

“Each day 700 Australians reach retirement age and the number of over-65s is expected to grow to more than 7 million during the next 40 years,” he said.

“As customers move towards retirement they need the kind of stable income and long-term financial security that guaranteed annuities provide.”