AXA Does Welll in AsiaPac

Lachlan Colquhoun

20 February 2007

French insurer AXA's Australian and Asia Pacific subidiary has ridden the strong regional markets to post a 23 per cent lift in full year profit to A$668 million. AXA Asia Pacific Holdings, which is 54 per cent owned by the French parent, reported a 20 per cent profit lift from its Australian and New Zealand operations while profits were up 24 per cent in Hong Kong, another key market for the company. The result also included the first full year contribution from MLC Hong Kong, acquired from Australia's NAB last year. AXA is in an expansion phase in Asia, where it is also acquiring Winterthur Life Hong Kong from its French parent, while new joint venture operations in Malaysia and India also began operations over the year. AXA said the value of its business in Asia ex-Hong Kong rose 51 per cent on the previous year.