Axa Asia Pacific Holdings has announced an after-tax profit of $547.2 million for the year to last December. That compares with $537.1 million for 2003.

Group CEO Les Owen says wealth management profits were helped by strong domestic equity performance, growth in funds under management, administration and advice, and further improvements in Axa’s cost to income ratio.

Operating earnings in the Melbourne-based company’s Hong Kong holdings grew 15% to $149.8 million, as a result of “positive investment markets, growth in the portfolio and a more profitable sales mix”.

“Last year saw steady progress in China and South-east Asia,” Mr Owen said. Total premium income was up 37% to $455.42 million, and the value of new business grew 59% to $27.12 million.