Business as usual delivers results
(21 April 2010 – Global) AXA Asia Pacific Holdings this week announced its new business and fund flows for the 3 months ended 31 March 2010, indicating strong growth in Asia.
The chief executive officer of the wealth manager, Andrew Penn, said the group’s strong first quarter performance was a result of AXA APH management’s focus on business as usual.
The group’s sales growth in Asia was particularly strong with total new business index of A$289 million up 57 percent on the first quarter of 2009 on a constant currency basis, Mr Penn said.
The total new business index for Hong Kong was up 17 percent to HK$629 million (A$90 million) following growth in agent numbers achieved in the second half of last year.
In South East Asia, the new business index was up 92 percent to A$146 million (on an actual currency basis) with strong growth in all markets and both agency and bancassurance distribution channels.
In Australia and New Zealand, AXA APH saw continued strong growth in financial protection, although customer confidence is yet to fully return in wealth management, Mr Penn highlighted.
AXA wealth management inflows in Australia were up 2 percent in the quarter to A$1.5 billion including A$124 million in North sales. Total wealth management inflows including Alliance Bernstein were up 41 percent to A$2.2 billion.
AXA also said that the total Australian individual financial protection new business was up 12 percent to A$23 million.
In New Zealand the wealth manager saw a similar pattern with total wealth management inflows up 5 percent to NZ$345 million and financial protection new business up 19 percent to NZ$6 million.
AXA APH said its total group funds under management, administration and advice remained stable over the 3 months at A$80.7 billion.
The group’s sales growth in Asia was particularly strong with total new business index of A$289 million up 57 percent on the first quarter of 2009 on a constant currency basis, Mr Penn said.
The total new business index for Hong Kong was up 17 percent to HK$629 million (A$90 million) following growth in agent numbers achieved in the second half of last year.
In South East Asia, the new business index was up 92 percent to A$146 million (on an actual currency basis) with strong growth in all markets and both agency and bancassurance distribution channels.
In Australia and New Zealand, AXA APH saw continued strong growth in financial protection, although customer confidence is yet to fully return in wealth management, Mr Penn highlighted.
AXA wealth management inflows in Australia were up 2 percent in the quarter to A$1.5 billion including A$124 million in North sales. Total wealth management inflows including Alliance Bernstein were up 41 percent to A$2.2 billion.
AXA also said that the total Australian individual financial protection new business was up 12 percent to A$23 million.
In New Zealand the wealth manager saw a similar pattern with total wealth management inflows up 5 percent to NZ$345 million and financial protection new business up 19 percent to NZ$6 million.
AXA APH said its total group funds under management, administration and advice remained stable over the 3 months at A$80.7 billion.
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