AXA’s Australian and NZ operations achieve goals early
AXA Asia Pacific Holdings has announced a 25 per cent increase in profit after tax to $677.8 million for the 12 months ended December 31, with the Australian and New Zealand businesses increasing operating earnings by 20 per cent.
The company’s group chief executive, Andrew Penn, said the 20 per cent increase in operating earnings in Australia and New Zealand had meant they achieved their AXA 6 overarching goal — to increase enterprise value by 65 per cent — a year early.
He said market conditions in Australia and New Zealand remained strong, with the Federal Budget changes to superannuation in Australia enhancing its attractiveness as a savings vehicle.
“The forthcoming tax changes and introduction of KiwiSaver in New Zealand should assist savings there as well,” he said.
Drilling down into group performances within Australia and New Zealand, the AXA result showed wealth management had delivered a 14 per cent increase in earnings to $145 million, with funds under management and administration rising 21 per cent to $85.42 billion.
AUTHOR
Mike Taylor
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