It’s a busy financial reporting week for the financial services industry, and Axa Asia Pacific Holdings CEO Les Owen has kicked it off to a positive start with an after-tax profit of $316 million.

The company’s Australian and New Zealand businesses have reported earnings of $126 million in their core wealth management and financial protection business, which is a 50% increase on 2001.

Mr Owen said the results “clearly demonstrate that we are continuing to make good process in re-positioning our business in a challenging market environment”.

He said that despite market conditions, the retail net fund-flow has increased by 8% to almost $2 billion and its share of target markets has expanded.