AXA has announced almost a doubling of net retail inflows across its operations in Australia and New Zealand.
In an announcement released to the Australian Stock Exchange today, AXA Asia Pacific Holdings said Australia and New Zealand net retail inflows were up 82 per cent to $2.85 billion, reflecting strong growth in gross retail inflows and good retention of existing funds.
Commenting on the result, AXA Asia Pacific group chief executive Andrew Penn said the company remained focused on growing the value of the business and profit in its Australian and New Zealand financial protection business “in an environment which continues to experience concerning market behaviour”.
Looking at Australia, the AXA report said gross retail inflows were up 22 per cent to $7.03 billion, with net retail inflows up 76 per cent to $79.9 million, due to increased inflows into the company’s superannuation products.
It said new Australian individual financial protection business was up 9 per cent to $69 million, but this had been offset by weaker new business in New Zealand and a weaker exchange rate.
The AXA report said platform net inflows had increased by 51 per cent to $1.83 billion, due to strong inflows into its Summit and Generations superannuation products.