New CEO For AXA New Zealand

Media Release
18 March, 2002

New CEO For AXA New Zealand

AXA Asia Pacific Holdings (AXA APH) is pleased to announce that Vaughan Underwood, currently CEO of the Sterling Grace Group (Spicers, Arcus and Assure), has been appointed as CEO of AXA New Zealand.

According to AXA APH's Group Chief Executive Les Owen, "Vaughan's experience at Sterling Grace means he will be in good position to drive the growth of AXA's existing businesses as well as those of Sterling Grace. Sterling Grace brings to us the most successful financial advice business in New Zealand, supported by the rapidly growing ASSURE funds administration service and leading funds manager ARCUS.

“This combined with AXA's global brand, existing risk and wealth management businesses and access to the five-star investment products of Alliance Capital means AXA has a powerful presence in the New Zealand marketplace."

Vaughan will have responsibility for both the existing AXA business in New Zealand and those of the recently acquired Sterling Grace Group.

Vaughan, born and raised in Auckland, has an impressive sales, marketing and general management background. He joined Sterling Grace in 1998 in a management role, leading ultimately to his appointment as CEO for the Group. Prior to this he worked in a number of sales and marketing positions for Lion Breweries, including a role as Regional Director for Auckland.

Following on from the acquisition of the Sterling Grace Group, Vaughan's appointment is further evidence of AXA's commitment to New Zealand and of the strategic importance of the Sterling Grace Group to our growth in both New Zealand and Australia. AXA now has a 13 percent share of the advice market in New Zealand.

ENDS

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