Axa Asia Pacific Holdings improved its net retail inflows last year by 37% to $3.8 billion.

The financial services group's total funds under management increased 12% to $109 billion.

New business in group insurance increased 34% to $21.7 million in Australia and NZ, while individual life business grew 13% to $64.7 million.

Axa's individual income protection book gained 8% to $27.5 million.

CEO Andy Penn attributed the numbers to strong investment markets and changes to regulation.