AXA changes focus
Axa has targeted retail investment and superannuation as its prime focus.
Axa has targeted retail investment and superannuation as its prime focus.
Chief executive Les Owen says the group will move its emphasis from risk products to the more lucrative wealth accumulation and financial protection sectors.
"Our primary market segments will be retail investment and superannuation while recognising that our market leading position is still in risk protection," he says.
Owen announced the change in focus at the group’s first half profit announcement which showed Axa’s net profit of $254.4 million, up from $197.7 million in the previous corresponding half.
Owen says AXA aims to be in the top five of net retail funds inflows by March 2003 which he says is a "big ask". Axa's market share of net inflows from 1995 to 1999 was just two per cent, compared to the smallest of the top five over that period, BT, which had 7.4 per cent.
"If we can achieve our objectives ... in terms of revenue, we're talking about 60 to 70 per cent coming from investment/superannuation in 2003," he says.
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