Insurance the focus for Axa
Axa Asia Pacific is banking on a good performance from its insurance lines as plunging markets take their toll on wealth management income.
Speaking at the group’s annual strategy conference on Friday, Axa Asia Pacific CEO Andy Penn said Axa has shifted its focus from wealth management to financial protection.
He projects the financial protection market will grow at an annual rate of 13% until 2012.
“In Australia our strengthening position in financial protection is extremely timely given the counter-cyclical nature of this market,” Mr Penn said.
Axa moved to ease any market concern over its capital reserves, announcing it has $724 million in excess of regulatory requirements. But it has also booked a $496 million loss from investments in the year to date.
The group unveiled new growth targets for its Asian businesses, where it intends to double Asian enterprise value by 2012.
Mr Penn said Axa aims to double annualised premium income in Asia during that period.
Speaking at the group’s annual strategy conference on Friday, Axa Asia Pacific CEO Andy Penn said Axa has shifted its focus from wealth management to financial protection.
He projects the financial protection market will grow at an annual rate of 13% until 2012.
“In Australia our strengthening position in financial protection is extremely timely given the counter-cyclical nature of this market,” Mr Penn said.
Axa moved to ease any market concern over its capital reserves, announcing it has $724 million in excess of regulatory requirements. But it has also booked a $496 million loss from investments in the year to date.
The group unveiled new growth targets for its Asian businesses, where it intends to double Asian enterprise value by 2012.
Mr Penn said Axa aims to double annualised premium income in Asia during that period.