The growth was driven by a 13 per cent increase in new business to £667 million. The company's multi-manager specialist, Architas, increased assets by 46 per cent to £19.8 billion thanks to its European expansion. Its SIPP (self-invested personal pension) and investment platform grew funds under management by 13 per cent to £20.7 billion. 

AXA Wealth's corporate investment business secured new mandates of £2.7 billion over the year, while its wrap platform saw funds under management rise 14 per cent to £10.5 billion. Over five years, total AXA Wealth assets have tripled to £45 billion.

“During a period of high volatility in the global markets and further regulatory and industry change, we continued to see strong growth in 2015, securing the five-year ambition we set for the business,” said Mike Kellard, chief executive of AXA Wealth.

“This year, advisors will be looking at how to help those clients impacted by a further reduction in the lifetime allowance, we’ll see a long overdue review of the financial advice market in the UK, to attempt to close the advice gap, and there’s likely to be changes to the way pensions are taxed, to encourage people to save."