Axa Asia Pacific Holdings (APH) has reported good growth in its individual life insurance business in Australia and Asia for the 12 months ending December 31.

Individual life new business was up 9% to $77.3 million compared to $71.2 million in the previous year.

Individual income protection new business was up 13% to $37.6 million, compared to $33.3 million in 2009.

CEO Andy Penn says the higher new business inflows were due to price increases and a positive response to the launch of its Elevate product, which is available through investment platforms.

Individual life inforce premiums were up 9% to $333.7 million for the 2010 calendar year while individual income protection was up 5% to $207 million.

Axa’s group life insurance business suffered a drop in premium inflows due to strong competition. 

Group risk new business was down 8% to $19.6 million, compared to $21.4 million in 2009, due to Axa not winning so many tenders during the year.

As a result group inforce premiums were down 1% to $174.7 million.

Financial protection new business in NZ was down 4% to $NZ27.2 million ($20.4 million), compared to $NZ28.2 million ($21.1 million) in 2009.

Individual new business was up 10% to $NZ23.7 million ($17.7 million), compared to $NZ21.6 million ($16.2 million) in 2009, which Mr Penn says was due to tax changes on life insurance.

Group business was down 47% to $NZ3.5 million ($2.6 million) compared to $NZ6.6 million ($4.9 million) in 2009 with Axa facing stronger price competition, he says.

Individual financial protection inforce premiums grew 3% to $NZ149.8 million ($112.4 million) while group premiums were flat at $NZ37.1 million ($27.8 million).

In Asia, growth in sales of life insurance products continues, although this business is scheduled to be sold off to Axa APH’s French parent later this year.

In Hong Kong traditional life insurance new sales were up 33% to $HK1.2 billion ($152 million) while group risk sales were up 5% to $HK163.6 million ($20 million). General insurance sales were up 6% to $HK96.8 million ($12.2 million) for the 2010 year.

Inforce premiums in Axa’s mature Hong Kong market were down 5% to $HK2.7 billion ($342 million).

In the rest of southeast Asia, Axa’s local businesses reported strong premium growth, especially in China where inforce premium grew by 66% to RMB888.6 million ($131.6 million).

In India, the other Asian powerhouse, inforce premiums were up 44% to 7.7 billion rupees ($168.4 million).

The other southeast Asian country reporting strong growth was Malaysia, up 96% to Ringgit88 million ($27.8 million).