AXA AP posts solid result
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AXA Asia Pacific, currently the subject of a takeover by the National Australia Bank (NAB) — earning it the scrutiny of the Australian Competition and Consumer Commission (ACCC) — has announced a strong lift in earnings and profit for the 12 months to the end of December.
The group’s chief executive, Andrew Penn, said operating earnings had increased by 17 per cent in the second half of 2009 and pointed to strong performances in Australia and South East Asia.
He said Australian operating earnings of about $101 million in the second half of the year were 35 per cent higher than in the first half, but were down 25 per cent in full-year terms.
Penn made direct reference to the probability of acquisition and said that notwithstanding this possibility, “management is firmly focused on continuing to drive the business forward and concentrating on maximising shareholder value”.
“We have navigated our way through the global financial crisis successfully, and 2010 is about accelerating our growth,” Penn said.
Drilling down on Australia, the chief executive pointed to extending the company’s leadership position in terms of its post-retirement product, North, as well as launching a multi-manager retirement income product and increasing its push into the self-managed superannuation fund market.
Penn also referenced developing a full wrap offer on the group’s new platform technology “and ensuring we are in a position to lead the industry in responding to regulatory changes in relation to advice and superannuation”.
AUTHOR
Mike Taylor
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