Axa funds under management drop 11% as markets bite
Troubled financial markets continue to affect the operating results of Axa Asia Pacific, which has recorded a first-half dip of 13% in total group funds under management.
CEO Andrew Penn says the period could not have been more different from the first half of 2007 when the company recorded strong growth in international and domestic equity markets.
But in a report Mr Penn says he is pleased with the performance of the business during difficult trading conditions.
Axa’s total group funds under management, administration and advice now stand at $95.3 billion. Mr Penn attributes the 13% dip to sliding Australian and international financial markets.
On a more positive note, Australian individual life insurance new business growth climbed 25% to $27 million.
New financial protection business also increased 18% to $48 million, but net wealth management inflows declined 63% to $1.43 billion.
NZ retail wealth management gross inflows dropped 9% to $NZ410 million ($318 million) while financial protection increased 15% to $NZ13 million ($10 million).
In Asia, Hong Kong reported a 7% increase in new business to $HK1.2 billion ($160 million) while the group also reported strong growth in Indonesia, Thailand and Malaysia.
Overall new business increased 12% in south-east Asia to $154 million, while new business lines surged 250% in India and China to $49 million.
CEO Andrew Penn says the period could not have been more different from the first half of 2007 when the company recorded strong growth in international and domestic equity markets.
But in a report Mr Penn says he is pleased with the performance of the business during difficult trading conditions.
Axa’s total group funds under management, administration and advice now stand at $95.3 billion. Mr Penn attributes the 13% dip to sliding Australian and international financial markets.
On a more positive note, Australian individual life insurance new business growth climbed 25% to $27 million.
New financial protection business also increased 18% to $48 million, but net wealth management inflows declined 63% to $1.43 billion.
NZ retail wealth management gross inflows dropped 9% to $NZ410 million ($318 million) while financial protection increased 15% to $NZ13 million ($10 million).
In Asia, Hong Kong reported a 7% increase in new business to $HK1.2 billion ($160 million) while the group also reported strong growth in Indonesia, Thailand and Malaysia.
Overall new business increased 12% in south-east Asia to $154 million, while new business lines surged 250% in India and China to $49 million.