Axa happy with recent efforts

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th February 2002

Axa Asia Pacific has reported positive operating results from Australia, New Zealand and Hong Kong on the back of a A$75 million net profit for the three months ended December.

The quarterly figure is part of the company's final 15-month profit of A$395 million. The extended annual result reflects a change in the balance date from September 30 to December 31.

Axa had already reported an interim result to the end of September 2001 of $320 million compared with the previous year's $374 million.

A final dividend of A7.5 cents per share has been declared for a total dividend for the 15 month period of 12.25 cents per share.

Group CEO, Les Owen, says the company continued to see an improvement in operating earnings in the final three months of 2001.

"In Australia and NZ we have seen increases in operating earnings in funds management, risk and health insurance - positive signs that our hard work in strategically reshaping our business is starting to pay off.

"In Hong Kong we have, over the last few months, seen a return to growth in our agent numbers, productivity and new business levels. Our joint venture partner in China, Axa MinMetals, has been granted a branch license and we continue to see growth in our other Asian businesses."

The company says investment earnings for the 15 months were $119 million, which was still down on the A$203 million recorded for the 12 months ended September 2000.

Mr Owen says looking forward the company will focus on increasing its share of retail funds flow in Australia and New Zealand and returning to growth in Hong Kong.

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