Axa Asia Pacific’s first-quarter new business and fund-flow figures reflect a difficult trading period caused by volatile investment markets.

Total group funds under management fell 10% during the quarter to $98.1 billion.

CEO Andrew Penn said in a statement to the ASX the group is in for a tough year ahead but Axa has the “strength and resilience” to succeed.

In Australia, the financial services group had a 6% increase in gross wealth management inflows to $2.4 billion, but its net result of $942.1 million was 33% down on the first quarter last year.

Among the positives was a 7% rise in total Australia financial protection business to $21 million.

A 22% increase in Australian individual new life business grew to $12.3 million, while income protection advanced 8% to $5.5 million. But the group risk portfolio dipped 29% to $3.2 million.In NZ, total funds under management slid 11% to $NZ8.7 billion ($7.3 billion), while gross wealth management inflows climbed 11% to $NZ491.7 million ($412.3 million).

Total new business in financial protection products increased 22% to $NZ5.6 million ($4.7 million).