AXA posts positive Asian growth
April 20, 2010
AXA Asia Pacific Holdings Limited (AXA) shrugged off the distraction of a takeover tussle for the company, posting strong increases in fund flows and new business. Despite the result, AXA’s share price slumped nearly 3% this morning with investors sold out as the ACCC blocked NAB’s bid for the company and instead gave the green light to AMP’s effort to take control of the company.
CEO, Andrew Penn, said AXA APH management’s focus on business as usual had delivered a strong performance in the first quarter.
“Sales growth in Asia was particularly strong with total new business index of $289 million up 57% on the first quarter of 2009 on a constant currency basis,” Mr Penn highlighted.
In the company’s Hong Kong market, new business was up 17% to $90 million.
“In Australia and New Zealand, we saw continued strong growth in financial protection although customer confidence is yet to fully return in wealth management,” Mr Penn added.
Across its Australian business, AXA wealth management inflows in Australia were up 2% in the quarter to $1.5 billion including $124 million in North sales.
Total wealth management inflows including Alliance Bernstein were up 41% to $2.2 billion.
Meanwhile, total Australian individual financial protection new business was up 12% to $23 million.
At 1036 AEST, AXA shares were trading down 19c, or 3% to $6.15.
CEO, Andrew Penn, said AXA APH management’s focus on business as usual had delivered a strong performance in the first quarter.
“Sales growth in Asia was particularly strong with total new business index of $289 million up 57% on the first quarter of 2009 on a constant currency basis,” Mr Penn highlighted.
In the company’s Hong Kong market, new business was up 17% to $90 million.
“In Australia and New Zealand, we saw continued strong growth in financial protection although customer confidence is yet to fully return in wealth management,” Mr Penn added.
Across its Australian business, AXA wealth management inflows in Australia were up 2% in the quarter to $1.5 billion including $124 million in North sales.
Total wealth management inflows including Alliance Bernstein were up 41% to $2.2 billion.
Meanwhile, total Australian individual financial protection new business was up 12% to $23 million.
At 1036 AEST, AXA shares were trading down 19c, or 3% to $6.15.
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