AXA books bumper 37% fund flow increase
Wednesday February 6, 2008, 11:33 am
AXA Asia Pacific Holdings Ltd has received a flood of total net retail inflows for its 2007 year, up 37 per cent to $3.8 billion.
The surge in fund flows for AXA's financial year, ending December 31, 2007, follow changes to superannuation rules coupled with booming investment markets.
Chief executive Andrew Penn said total inflows in Australia and New Zealand exceeded $21 billion, up 17 per cent on the previous year.
"2007 was an unprecedented year with the confluence of strong investment markets and a number of favourable regulatory changes supporting excellent results," Mr Penn said in a statement.
"Following a number of enhancements made to our financial protection products in July, it is encouraging that the new business was up 14 per cent to $116.3 million.
"New business in the second half of the year was up 28 per cent."
AXA also reported strong growth in Asia.
New business in Hong Kong grew on the back of its acquisitions of MLC and Winterthur.
The wealth manager, insurer and financial planner's new business index for the rest of Asia grew strongly, up by 77 per cent to $374.7 million on a constant currency basis.
"We saw particularly strong growth in China and the Philippines and have made very good early progress in India," Mr Penn said.
Total group funds under management hit $109.0 billion, up 12 per cent up the $97.7 billion reached in 2006.