AXA funds under management down 2%
AXA Asia Pacific (AXA) reported total funds under management, administration and advice was down 2% to $81.9 billion for the nine months to 30 September. The financial conglomerate was hit particularly hard by a 41% decline in wealth management inflows to $5.82 billion.
However CEO Andrew Penn said that the company’s diverse range of products and geographic location had helped.
“In this environment, our product and geographic distribution has continued to provide resilience to our business,” Mr Penn said.
Declines felt in Australia, were off-set by increases across other parts south-east Asia.
“In South East Asia, new business index was up 35% with particularly strong growth in Singapore, Thailand and Indonesia,” Mr Penn said.
“New business index in India was up 19% to Rupee 2.8 billion (A$75 million) and 59% in China to Rmb 198 million (A$39 million).”
Declines were also seen in Hong Kong, which saw new business drop 8%.
Looking at Australia’s figures in more detail, AXA wealth management net flows tumbled 81% to $376 million.
On the insurance side, individual life new business rose 14% to $51.3 million, with income protection insurance rising 22% to $23.6 million.
Meanwhile, in Australia total funds under management, administration and advice fell 3% to just under $60 billion.
At 1226 AEDT, AXA shares were trading down 3c to $4.66.
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