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Mr Mod, you stated the limited annuity risk well. Still sme risk that even conservative assets may underperform (I recall this occurred during GFC). But most of the time these dips are small and average out.

And when predicted returns on an asset class drop (eg, low bond yields) annuity providers adjust their liability (guaranteed payments) to new annuitants accordingly. That's why it's best to buy an annuity during times when interest rates, bond yields, treasury yields etc are high.

As for one posters thought that a bank might "tap" CGF on the shoulder, l presume you mean takeover? Unlikely because fed govt has rejected past significant bank acquisitions that further reduce competition.

The bigger risk will be banks gunning for this business directly. Definitely a risk, but CGF has increasing brand recognition for these products and a skill set that banks lack in most of their branches. I also wonder if annuitants prefer some distance from banks on various investments (eg, except CBA, banks don't dominate investment accounts).