Axa Australia's wealth management value of new business was down 29 per cent to $38.4 million for the first half of 2009, however this was partly offset by strong growth in North product sales, the group said.
Axa's North structured product range continued its strong growth momentum, Axa group chief financial officer Geoff Roberts said yesterday.
"North sales of $493 million in the first half of 2009 were more than double the sales in the second half of 2008," he said.
"Over the same period the number of advisers registered to sell North increased 73 per cent to 1740, with many of these still going through the process of training and activisation.
"This also includes greater penetration in the non-aligned sector, and new business applications have more than tripled to 5573."
Axa's individual life new business had also continued to grow, up 19 per cent to $32.2 million for the first six months to 30 June this year.
"We continue to see a bias of customers towards risk protection in the current market environment, which is obviously fuelling financial protection growth across the industry," Roberts said.
Axa's wealth management operating earnings in Australia plummeted 56 per cent to $17.3 million for the first half of 2009.
