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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