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AXA insurance sales up 15%

Life insurance, or financial protection, continues to underpin AXA New Zealand's results according to the company's interim report.

Thursday, August 7th 2008, 1:12PM
AXA New Zealand, this week, produced a sound result in a challenging market. Its operating earnings for the six months to June 30 were $27.1 million compared with $30.6 million in the corresponding period last year.

Operating earnings in its risk business were down slightly from $20.4 million to $19.8 million, while the investment business was down 28% to $7.3 million.

AXA New Zealand chief executive Ralph Stewart says the latest market share figures show AXA moved from third to second place for its share of new business written and it still remained third ranked for inforce business.

Market share figures for the second quarter of this year are due out soon.

In the six months to June 30 AXA increased its financial protection sales by 15%.

Stewart says AXA is planning to roll out its next set of improvements and enhancements to its risk products soon.

He says there will be policy alternations to income protection and also some new developments with new business policies.

Stewart says AXA tends to roll out changes each quarter rather than making large one of changes.

The other area of development in the market is commissions. Stewart describes this as one of the levers life companies can use to impact distribution of its products.

The trend at the moment is for life companies to increase remuneration levels, AXA's position is to remain competitive but not to move as quickly as other providers.

Last year AXA introduced its hybrid commission model, where advisers can choose their mix of upfront and trail commission, and it also provides other non-cash remuneration to advisers.

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