Axa Asia Pacific CEO Andy Penn has moved to distance the company from its ambitious aim of doubling enterprise value by 2012.

Speaking at the company AGM last week, Mr Penn conceded the company would struggle to meet the goal, set in 2007 during a period of strong growth.

“Now is not the time to change our strategy or approach however at this stage the financial targets obviously look extremely challenging,” he said.

Axa Asia Pacific reported a net loss of $278.7 million last year.

The company has taken steps to shore up its financial wellbeing, last week revealing it had raised $880 million in fresh capital with $430 million earmarked to repay senior debt.

The company now holds $1.1 billion in excess of regulatory requirements.

Mr Penn says Axa is currently cashing in on higher demand for life insurance, collecting $13.9 million in first-quarter sales – a 13% increase year-on-year.

“The positive performance of our risk business reflects the bias of customer to protection in the current market environment,” he said.