AXA NZ reports higher first quarter gross flow
23 April 2008 For immediate release
AXA New Zealand reports higher first quarter gross funds flow
AXA New Zealand has announced details of its new business and fund flows for the three months ending March 2008.
The figures were contained in the Group’s Asia Pacific first quarter results announced today.
Commenting on the performance AXA New Zealand Chief Executive Ralph Stewart said, “whilst the current investment environment is a very difficult one for New Zealand savers and investors it’s important to maintain focus on the lessons of our 120 years of history in New Zealand; that while volatile markets can test even the toughest investors resolve, benefit is gained from keeping sight of their long-term objectives during times like these.”
Retail wealth management inflows are $197m while net retail flows are negative ($47.6m), taking total funds managed on behalf of New Zealand investors and savers to $8.7bn.
Gross inflows have come largely from existing savers and new KiwiSavers who are investing for the long term. There is no doubt the outlook for the rest of 2008 is challenging for an increasing number of New Zealanders, especially KiwiSavers new to investing. With 76 percent of all KiwiSavers aged between 17 and 54, this early market volatility is only a very, very small part of their journey towards retirement.
Continuing on from the momentum in 2007, sales of insurance products are up 22 percent to $NZ5.6m, taking total insurance premiums from our New Zealand policy holders to $NZ173.4m.
The full results will be posted at: http://www.axaasiapacific.com.au/axaaph/axaaph.nsf/Content/Media_Releases