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Last Article Uploaded: Wednesday, February 26th, 11:15AM
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Insurance protects AXA's finances

AXA says its life insurance, or financial protection, business performed well in 12 months to December 31, however wealth management struggled.

Wednesday, February 16th 2011, 6:10PM 1 Comment

by Benn Bathgate

It says earnings for financial protection were up 28% from $25.6 million o $32.7million due to improved claims and expense experience.

Overall there was a 4% reduction in total insurance new business. Group insurance business was down 47% though individual business was up 10% on 2009.

The company cited increased activity ahead of life insurance products tax changes, coming into effect on July 1, 2010, for the increase in individual business.

The 47% fall in group business was attributed to, "lower tender successes in a market where price competition has increased."

Operating earnings for the 12 months to December 31, 2010 were up 24% to $43.5 million (2009: $35.1 million) and insurance earnings were up 28% to $32.7 million (2009: $25.6 million), with the company citing "improved claims and expense experience" for the increase.

With total insurance in-force premium business up 3% to $186.9 million, AXA maintained its ranking as the country's third-largest insurer.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

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Comments from our readers

On 18 February 2011 at 6:02 pm Brian said:
I really hope that AMP takes a good hard look at this evidence.
Commenting is closed



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