Axa life and savings profit doubles to £54m

Paul Evans 700 x 450

Profits for Axa UK’s life and savings business more than doubles last year, rising from £24m to £54m.

Axa’s UK life and savings arm, including AXA Wealth, SunLife and Architas, assets under management and administration rise by 24 per cent to £45bn, up from £36bn in 2014.

Assets in the Architas business rose by 46 per cent to £20bn due to “international development” while AXA Wealth assets under administration increased by 13 per cent to £32bn, with £7bn of that managed by Architas.

Across the UK & Ireland business underlying earnings rose 25 per cent to £312m in 2015 from £250m in 2014.

Axa UK and Ireland group chief executive Paul Evans says: “The annual premium equivalent of new UK life and savings business increased by 27 per cent, thanks in part to a 16 per cent increase in individual pension sales, following introduction of the new pensions freedoms, and to a 75 per cent increase in corporate pensions investment business.

“Customer investments administered on the Elevate wrap platform increased by 14 per cent to £10.5bn.”

Axa Group IFRS revenues were €700m (£546.1m) in 2015, up 9.5 per cent from €639m in 2014.

Axa’s total asset management revenues were €3.82bn in 2015, up 1 per cent on €3.32bn in 2014.

Axa says this is mainly caused by higher management fees as a result of a rise in average assets under management at Axa IM.

Axa is proposing a dividend of 1.10 a share at its annual general meeting on April 27.