Financial services company Generation Development Group has posted a 21% rise in full-year underlying net profit to $40.7 million and a 23% increase in revenue to $178.7 million.

The group says Generation Life – one of three divisions – “delivered another record year”, with funds under management growing 35% to $5.95 billion and annual gross sales passing $1.5 billion.

“During FY26, Generation Life continued investing in product capability, customer experience and technology,” the group said. “The recently announced partnership with Colonial First State, alongside the group’s strategic alliance with BlackRock, broadens future retirement market distribution opportunities and supports product innovation.”

The group says it “enters FY27 supported by favourable long-term growth trends”.