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New business, platforms drive Axa growth

Axa Asia Pacific Holdings has improved its gross Australasian inflows by 13% for the first nine months of the year.

The listed financial services provider posted total inflows of $15.1 billion, compared with $13.4 billion for the equivalent period last year.

A strong 15% improvement in Australian inflows, to $13.8 billion, offset a 10% downturn in New Zealand business, to $1.3 billion.

Legislative changes drove a 35% increase in superannuation inflows, to $3.5 billion, compared with $2.6 billion last year. There was also a marked shift from advice (down 17% to $1.2 billion) to platform business (up 40% to $3.8 billion).

The group's total funds under management for the nine months to September 30 stood at $108 billion.

Axa group CEO Andy Penn is particularly pleased with financial protection new business in Australia and New Zealand.

"We saw an increase in total financial protection new business, up 14% to $86 million with strong growth in our group business and improved individual new business," he said.

Mr Penn also highlights new business in Asian markets. Hong Kong life new business increased 39% to $HK1.7 billion ($241 million), and new business for the rest of Asia improved 84% to $249 million, particularly in Indonesia, Thailand, China and the Philippines.