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Axa records profit jump

By Madeleine Collins
 — 1 minute read
Axa's profit has climbed 23 per cent.
It h
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as been another bumper half year for Axa Asia Pacific Holdings, with the group reporting a 23 per cent jump in profit in the six months to 30 June 2007.

The financial services group's operational earnings climbed 22 per cent to $266.2 million from the previous corresponding period.

Yesterday the group announced an interim dividend of 9.25 cents per share, up 23 per cent on 2006.

The group's Australia and New Zealand wealth management businesses were a key driver of the results.

Insurance sales, strong equity markets and superannuation flows contributed to a rise of 17 per cent in operational earnings in the region.

New business grew 32 per cent due to strong inflows, which exceeded $10 billion for the first time.

"In July we have seen strong sales of investment products as the money invested in superannuation pre-June 30 finds its way into underlying investment funds," Axa Asia Pacific Holdings chief executive Andrew Penn said.

Earnings from Axa's wealth management business was up 18 per cent to $80.6 million.

Wealth management sales per Axa financial adviser in Australia were up 25 per cent to $2.82 million.

This was achieved by a bumper June on the back of Federal Government super reforms.

Funds under advice rose 13 per cent to $9.4 billion within Australia and New Zealand.

Gross inflows of $171.5 million in funds under advice were 48 per cent lower than in 2006 ($305.7 million) due to an undisclosed acquisition of $220 million by the group's Ipac advice business.
Axa records profit jump
Axa's profit has climbed 23 per cent.
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