28/10/2010
Earnings up 6.2% for Axa asset management in nine months
p { margin-bottom: 0.08in; } Axa on 28 October announced that in the first nine months of the year, earnings for life insurance, savings and retirement totalled EUR43.97bn, an increase of 0.9%. new business was down 0.5% to EUR4.63bn, with a decline in activities in the United States, France and Japan, partly offset by good performance largely in Central and Latin America, Central and Eastern Europe, South-East Asia and China, Hong Kong and the United Kingdom. New business (APE) in high growth markets was up 28%. Net inflows totalled EUR7.8bn (an increase of EUR0.6bn compared with the first nine months of 2009), largely a result of an increase in gross inflows. Value of new business was up 13% to EUR911m, largely due to an improvement in the activities mix, due to new products launched in the United States and Japan. Earnings for asset management at the Axa group, for their part, increased 6.2% in the first nine months of the year to EUR2.46bn, largely due to higher average assets under management (+6%). Assets under management total EUR877bn, up by EUR32bn compared with 31 December 2009, due to market evolution and favourable currency effects, partially offset by net outflows, largely to the institutional client segment. Assets under management at Alliance Bernstein as of 30 September totalled EUR355bn, compared with EUR346bn as of the end of 2009, with net outflows of EUR23bn compensated by market effects of EUR14bn and currency effects of EUR18bn. Assets under management at Axa IM, for their part, totalled EUR522bn as of 30 September, compared with EUR499bn as of the end of 2009, with outflows of EUR19bn but market effects of EUR31bn and currency effects of EUR12bn. Outflows at Axa Rosenberg totalled EUR26bn.
