Axa Asia Pacific Holdings continues to experience growth in its local financial protection portfolio despite the business recording a 19% drop in half-year net profit of $219.2 million.

An investment loss of $63.5 million was key to the lower result, following a $19.6 million loss in the six months to June 30 last year.

In Australia, total financial protection new business increased 9% to $59.7 million due to increases in individual premium and successful tenders of group plans.

Individual life new business climbed 6% to $34.2 million while individual income protection new business increased 12% to $16.2 million. Group risk rose 13% to $9.3 million.

In NZ, financial protection new business grew 9% to $NZ13.9 million ($11 million) as increased individual sales were partially offset by a reduction in group life business due to strong price competition.

Axa APH CEO Andy Penn says he is pleased with the results given “a difficult and uncertain external environment” that saw global markets fall 10% in tandem with a strong Australian dollar.