Axa Wealth reported new business rose 45% to £1.9bn in the first half of 2010, helped by its Elevate wrap and a hike in the sales of personal pensions and offshore bonds.
This part of the business is being retained and strengthened after the planned sale of part of Axa UK's Life business to Resolution for £2.75bn, which is set to complete at the end of Q3. Axa UK's total Life & Wealth new business revenue (APE) was up 6% to £469m in the first half of 2010 from £441m in HY 2009. New business was split 54% ‘retained' business (largely the Axa Wealth business) and 46% ‘sold' business. Underlying earnings increased by £46m to £104m, excluding significant one-off items. However, including these costs, underlying earnings fell 14% to £104m in H1 2010 compa...
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