Axa CEO Henri de Castries paid a brief visit to his far-flung Australian operations last week, and took the time to explain just how hard it is to run a large international financial services group. For example, he says Axa has had to produce five different profit reports as a result of the new International Financial Reporting Standards, which are meant to standardise the system.

He also made it clear the Australian branch, Axa Asia, will be in the driving seat when it comes to deciding the degree of its involvement in Asian expansion and growth.

Speaking at a Melbourne luncheon last week, Mr de Castries said the company wanted to be more successful in China. Axa’s Chinese venture is 49% owned by China Minmetals, 26% by Axa and 25% by Melbourne-based Axa Asia.

Axa Asia, which already has branches in Shanghai and Guangzhou, has received regulatory approval to open a life insurance branch in Beijing. Now it has been granted a regional licence to sell life insurance outside the biggest cities.