Figures for the nine months to 30 September showed sharply falling fund management flows and healthy insurance inflows at AXA Asia Pacific, according to Money Management.

Total wealth management net flows for the nine months to September were positive at $1.9 billion, but gross and net inflows were both down on 2007.

The company reported a 29 per cent reduction in inflows into its wealth management unit. Group funds under management, administration and advice for the Australian business for the nine months to September were down 15 per cent to $72.4 billion from $85.2 billion at 31 December last year.

Platform gross inflows were down 30 per cent to $1.78 billion from $2.5 billion last year, while inflows into the group’s advice business were down 34 per cent. The total AXA Asia Pacific business saw a drop in inflows of 27 per cent.

But AXA has seen a 22 per cent increase in new business for individual life policies and a 7 per cent increase in new business for individual income protection policies.

AXA has also reported a 55 per cent increase in group insurance this year.