Sydney - Friday - July 21: (RWE Australian Business News) - AXA Asia Pacific Holdings Ltd (ASX code: AXA) today announced details of new business and fund flows for the six months to June 30. Chief executive Mr Les Owen said: "We have had a particularly good second quarter in most areas of the business. "In Australia and New Zealand very strong gross and net fund flows into superannuation, investment products and platforms contributed to a 19.0% increase in gross inflows to $8.83 billion for the six months ended 30 June 2006 (six months ended 30 June 2005 - $7.43bn). "Gross retail inflows (excluding AllianceBernstein retail mandates and ex Bank of New Zealand business) were up 30.6% to $3.84 billion (2005 - $2.94bn) and net retail inflows were up 122.9% to $1.50 billion (2005 - $0.68bn). "In Hong Kong total life new business index was up 39.2% to $HK781.2 million (2005 - $HK561.2m), with total new regular premiums up 22.4% to $HK652.4 million (2005 - $HK532.9m) and single premiums up 355.8% to $HK1.29 billion (2005 - $HK0.28bn). "These figures include new business from MLC Hong Kong written since the acquisition was completed on 8 May. "New business index in the rest of Asia was up 26.1% to $A83.7 million on a constant currency basis (2005 - $A66.4m) with particularly strong growth in Singapore - up 54.1% - and China - up 104.0%. "I am very pleased with our excellent fund flow and new business performance."
AXA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
