Ann: 2024 Annual Report, page-3

It also looks like they are making a habit of writing down the value of assets only to book it as income in future years. Mining companies are notorious for the practice.

"In 2H24, a review into UK mortality assumptions was conducted
that showed a decline in mortality improvements, with a
consequent increase in expected future net inflows to
Challenger Life in relation to the UK Life Risk business. This is an
economically positive outcome for Challenger Life.
Under AASB 17, this increase in expected future inflows is held
on the balance sheet within the CSM and released over the life
of the underlying contract. However, because the future inflows
are valued at current interest rates and the CSM is valued at
locked in rates that are on average materially lower, the
assumption change (despite being positive economically) results
in a material statutory loss, which is the main driver of the $150
million in FY24 that has been reported in Liability Experience. "