Felipe Araujo appointed as Chief Executive Officer and Managing Director at Generation Life

Melbourne, Australia, 20 December: Following on from the acquisition of Lonsec and substantial growth in Generation Life, Grant Hackett has been appointed the new Chief Executive Officer of Generation Development Group. Set to commence his new role on 1 January 2025, Hackett has been charged with continuing to support the Group’s aspirational future growth plans.

Following a great year in FY24, which saw Generation Development Group’s underlying earnings achieve significant growth - reporting $11.2 million, a 55% increase from the year prior – the organisation is expected to be included in the Top 300 ASX-listed companies this financial year. This follows the completion of the 100% acquisition of Lonsec in August 2024.

For the past five years, Hackett has served as the Chief Executive Officer of the Group’s wholly owned subsidy, Generation Life, a specialist provider of Investment Bond and Lifetime Income Stream solutions.

On his appointment, Hackett said: “Being appointed as CEO of Generation Development Group is an exciting challenge and shows the commitment we have for the Group in 2025. My goal is to drive aspirational growth by leveraging our innovative mindset and unwavering commitment to our investors and shareholders."

In addition to Hackett’s appointment, Rob Coombe will be moving from Non-Executive Chairman to Executive Chairman of Generation Development Group in order to work more closely with Hackett on key strategic initiatives for the Group over the next 12-24 months. The day-to-day operations and running of the Group will continue under Hackett’s leadership.

Coombe and Hackett have worked closely for the past seven years and look forward to overseeing further growth of the Group.

As Hackett steps into his new role, Felipe Araujo will take up the role of Chief Executive Officer and Managing Director at Generation Life. Araujo joined the organisation in 2017 and has held the role of the General Manager of Sales, Marketing and Operations.

In FY24, Generation Life achieved a record investment bond sales of $657 million, representing a 28% increase from the previous year. Since the start of FY25, it has achieved over $200 million in inflows in the first quarter, a record for the business. It is also currently the leading investment bond provider with over 51% of annual market inflows*.

Araujo’s goal is to continue this success and elevate Generation Life’s brand as the market leader in tax aware investing, intergenerational wealth, and retirement income solutions. He is also working toward executing the business’s strategic initiatives, following substantial growth last financial year.

“I am thrilled to be stepping into the role of Chief Executive Officer and Managing Director at Generation Life. Over the past five years as General Manager, I have witnessed our incredible potential to innovate and grow. I am excited to lead our talented team as we continue to drive forward and deliver exceptional value for our investors," stated Araujo.

Sending congratulations to his colleague, Hackett said: “I’ve had the pleasure of working closely with Felipe since 2017. Together we have ensured that Generation Life continues to grow for our shareholders, policy owners, and financial advisers. While I am looking forward to stepping into my new role with the Group, I know Generation Life will be in very good hands. I wish Felipe all the best in the new role and look forward to watching the company continue to flourish under his leadership.”

Hackett and Araujo will both start their new roles on 1 January 2025.

Reference
*Plan for Life, Investment Bonds Market Report for the period ended 30 September 2024.

About Generation Development Group

Founded in 1991, Generation Development Group Limited is an ASX listed company that specialises in providing development capital to financial sector businesses. Our vision is to be one of Australia’s leading financial services powerhouse, recognised among the top 200 listed Australian companies for our exceptional growth, unwavering commitment to performance excellence, and our culture of innovation, integrity, and impact.

About Generation Life

As the pioneer of Australia’s first truly flexible investment bond, Generation Life has been at the forefront of providing innovative investment, estate planning and retirement solutions since 2004 with over $3.6 billion funds under management to date. Generation Life works with some of the leading Australian and international managers, as well as our own investment experts to provide investment choice and flexibility designed to meet the varied needs of clients. Generation Life is also proud to be shaping the retirement income landscape with LifeIncome, applying our innovative approach to clients’ retirement income needs, enabling Australians to focus on enjoying retirement with the confidence of a regular income guaranteed for life.

Generation Life Limited (Generation Life) AFSL 225408 ABN 68 092 843 902 is the product issuer. This communication is general in nature and does not consider the investment objectives, financial situation or needs of any person, and is not intended to constitute personal financial advice. The product’s Product Disclosure Statement (PDS) and Target Market Determination are available at www.genlife.com.au and should be considered in deciding whether to acquire, hold or dispose of the product. The offer made in the PDS is only available to persons receiving the PDS in Australia. Investments carry risk. Professional financial advice is recommended. Generation Life excludes, to the maximum extent permitted by law, any liability (including negligence) that might arise from this information or any reliance on it. Unless noted otherwise, references to percentages or figures and/or ages are based on the survey described above and in Generation Life’s Not Tomorrow’s Problem guide June 2024. Past performance is not an indication of future performance. Factual information only is provided, not intended to imply any recommendation or opinion about superannuation products or superannuation investments.