Wealth management firm Axa Asia-Pacific Holdings (Axa APH) plans to launch new retirement income products and also boost its involvement within the self-managed superannuation fund (SMSF) sector.
The firm will release its Withdrawal Benefit for Life (WBFL) solution on the North platform during the second quarter and a multi-manager retirement offer in May.
WBFL will provide clients with a guarantee that they can withdraw a certain amount of income for the rest of their life, Axa APH chief executive Andrew Penn said yesterday.
“I think given the ageing population, obviously the post-retirement market is going to become much bigger in the next 10 years than it has been in the previous 10 years,” Penn said.
“I think it’s both an important policy objective for the Australian government and the Australian economy, but it’s also an important industry opportunity for innovative solutions that help customers manage their finances in post-retirement.”
Penn also signalled plans to boost Axa APH’s involvement in the SMSF market via Multiport, a provider of administration, reporting and compliance services the company acquired in 2009.
Axa APH is putting new distribution in place to roll Multiport out “more substantially” in the market, he said.
Penn’s comments came after Axa APH reported a profit after tax of $679.2 million for 2009, which compared to a $278.7 million loss in the previous year.
Despite being subject to a potential takeover by firms including National Australia Bank and AMP, Penn said Axa APH management is firmly focused on continuing to drive the business forward and concentrating on maximising shareholder value.
