Axa Asia Pacific has extended CEO Les Owen’s contract for two years and appointed CFO Andrew Penn as CEO of the group’s Australian and New Zealand operations.

Analysts suggest this is a sign the group – half-owned by French insurer Axa – is grooming Mr Penn to take over from Mr Owen, who was recruited from the UK four years ago to resuscitate the company. 

“We still have more to do and now is an appropriate time to appoint a chief executive officer for Australia and New Zealand,” Mr Owen said in a statement.

Mark Pearson, head of Axa China Region, is another possible candidate for the top job. The group has yet to appoint a new CFO.