Wealth manager bounces back
(18 February 2010 – Australia) Wealth manager, AXA Asia Pacific Holdings has rebounded after a major loss in 2008, announcing a return to profit in 2009 helped by the sale of its 50 percent stake in an Indian joint venture.
AXA APH has reported a A$679.2 million net profit for 2009, up A$957.9 million on 2008’s A$278.7 million loss.
The group also reported an increase in investment earnings of A$185.1 million, up from the 2008 loss of A$537.7 million.
AXA will pay a final dividend of 9.25 cents per share in line with the 2009 interim dividend.
The group’s operating earnings dropped A$2 million from A$555.6 million in 2008 to A$553.6 million for 2009.
Andrew Penn, chief executive officer, said that this is a strong result against the background of the difficult market conditions since the global financial crisis.
AXA is very pleased with its operating performance and has performed particularly well in the second half of 2009 with operating earnings up 17 percent on the first half, Mr Penn highlighted.
Mr Penn added that this was attributable to the very strong sales growth in the second half in conjunction with the early steps AXA took in response to the global financial crisis to reduce costs.
AXA is currently the subject of a A$14.2 billion takeover proposal from National Australia Bank.
The group also reported an increase in investment earnings of A$185.1 million, up from the 2008 loss of A$537.7 million.
AXA will pay a final dividend of 9.25 cents per share in line with the 2009 interim dividend.
The group’s operating earnings dropped A$2 million from A$555.6 million in 2008 to A$553.6 million for 2009.
Andrew Penn, chief executive officer, said that this is a strong result against the background of the difficult market conditions since the global financial crisis.
AXA is very pleased with its operating performance and has performed particularly well in the second half of 2009 with operating earnings up 17 percent on the first half, Mr Penn highlighted.
Mr Penn added that this was attributable to the very strong sales growth in the second half in conjunction with the early steps AXA took in response to the global financial crisis to reduce costs.
AXA is currently the subject of a A$14.2 billion takeover proposal from National Australia Bank.
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