Financial protection products were the standout performer for local Axa Asia Pacific operations during the first quarter with a 12% rise in Australian new business.

Total financial protection new business climbed to $26.9 million in Australia and by 19% to $NZ5.6 million ($4.3 million) in NZ.

“In Australia and NZ we saw continued strong growth in financial protection, although customer confidence is yet to fully return in wealth management,” Axa Asia Pacific CEO Andrew Penn says.

In Australia, individual life new business rose 12% to $15.6 million, while individual income protection lifted 12% to $7.3 million. Group risk increased 8% to $4 million.

In NZ, individual life new business climbed 17% to $NZ4.8 million ($3.7 million) while group risk surged 33% to $NZ800,000 ($612,079).