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AXA reports strong group risk sales

AXA New Zealand says sales of insurance products were are up 22% to $5.6m in the three months to March 31. Its total insurance premiums from New Zealand policy holders to $173.4 million.

Thursday, April 24th 2008, 7:41AM
AXA chief executive Ralph Stewart says that individual sales were "just ahead of plan" for the quarter, and that it had a strong result with group sales.

Individual sales were up 11% from $3.7 million in the corresponding period last year to $4.1 million in this quarter. Group sales rose 67% from %900,000 t0 $1.5 million.

While group sales often have a long gestation period, of up to 12 months, three or four significant sales were completed in the quarter.

Stewart says that Kiwi Saver has been useful in helping it and advisers, "engage and refresh" their relationships with employers.

In the individual products market the company has found it continues to be competitive.

Stewart says with difficulties in the investment markets, some advisers have switched from working in the wealth management space to the risk market.

He says some advisers have the skills to do both.

However, he notes that it's note necessarily that simple to switch from one financial product (wealth management, risk, or mortgages) to another.

To successfully sell risk advisers need knowledge and experience and that is not something which "you get overnight".

Stewart says during the quarter AXA had some incentive programmes wind up, which helped individual sales and that it had updated some of its income protection definitions.

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