AXA says well placed for profit growth in 2005

By NZPA

Thursday 27th January 2005

Axa Asia Pacific Holdings Ltd is well placed in all its major markets to deliver further profitable growth in 2005, group chief executive Les Owen said today.

Owen said group fund flows and new life business grew strongly over the past 12 months.

He said gross wealth management inflows grew by 16% in Australia and New Zealand reflecting the strength of distribution networks, improved product offerings and overall market growth.

He said new business in Hong Kong grew by 14% with particularly good performance in group business and unit linked single premiums.

"New business in south east Asia also grew with very strong growth in Indonesia following the launch of our joint venture with Bank Mandiri at the beginning of 2004," Owen said.

"We are well positioned in all our major markets to deliver further profitable growth in 2005."

In Australia and New Zealand, gross retail inflows were up nine percent to $A8.15 ($NZ8.88) billion for the year to December 31, 2004 compared to the previous corresponding period.

Total gross inflows - retail and wholesale - lifted 16% to $A12.25 billion.

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