19 March 2008
Winterthur's wealth management business, which is part of AXA Life's wealth management business unit1, today reports an increase in new individual pensions business during 2007, up 22% to £1.93 billion SPE (2006: £1.59 billion) reflecting the success of its predominantly single premium proposition. The company also reports a further rise in assets under management to £11.45 billion, as at December 31 2007, up from £10.43 billion as at Q4 2006.
Business update highlights:
Within the UK pensions segment, key highlights for the Winterthur 2007 business include an increase of 38% for Single Premium Personal Pensions up to £1.05 billion (2006: £761mn); a 54% rise for Income Withdrawal, to £537 million (2006: £348mn) and Annual Premium Personal Pensions growing 7% to £13.6 million (2006: £12.8mn).
In addition, in the UK investments segment, new business for the investment bond grew 7% to £112 million (2006: £104mn).
Mike Kellard, CEO, AXA & Winterthur Wealth Management, said: "I am delighted to report another year of strong business growth for Winterthur. I believe in today's uncertain economic climate, people are choosing a proposition that offers both flexibility and choice. Supported by its recognised five star service, the business results confirm the success of the proposition."
Paul Evans, CEO, AXA Life, said: "Winterthur has helped AXA improve its market share in the IFA wealth management sector, delivering another year of strong performance. The business is a great asset to the AXA Group."
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For further information:
Paul Riddell, Press Office, +44 (0)1256 798099
Becky Holmes, Press Office, +44 (0)1256 798310
Christine Wood, FD, +44 (0)20 7269 7253
Notes to Editors
1 AXA & Winterthur Wealth Management comprises Winterthur's high net worth wealth management business, AXA's wealth management businesses including the Individual Pension and Investment business of AXA Life and the market leading International business based in the Isle of Man. Additionally a new manager of manager fund management proposition is being developed to differentiate AXA in the IFA market place.
SPE
Except where noted otherwise, all new business figures in this announcement are on a Single Premium or Single Premium Equivalent (SPE) basis. SPE equals new single premiums plus new regular premiums x 10. This replaces the Annual Premium Equivalent (APE) basis, used up to Q3 2005.
Winterthur Life UK Ltd
Winterthur Life UK Limited is part of AXA UK Group of companies, one of the largest financial institutions in the world.
Winterthur Life UK Limited is a provider of focused investment and retirement solutions and support services predominantly distributed through quality IFAs to their high net worth clients.
The company is recognised as having an innovative approach to financial products and its products feature simple, transparent charging with access to a wide range of carefully selected investment funds and fund managers via its Tailored Selection fund platform. ¹Winterthur is also differentiated in the market through its focus on service excellence, which was reflected in the company winning Company of the Year and two Five Star service awards at the Financial Adviser Service Awards 2007.
Strategically, Winterthur is part of the AXA & Winterthur Wealth Management business unit, within AXA Life, which comprises Winterthur's high net worth business, AXA's wealth management businesses including the Individual Pension and Investment business of AXA Life and the market leading International business based in the Isle of Man. The underlying businesses are differentiated with separate Winterthur and AXA brands and market positioning to meet discreet client needs.
www.winterthur-life.co.uk
AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. IFRS revenues amounted to €94 billion for the full year 2007.
The AXA ordinary share is listed on Compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.
Our previous company performance is not a guide to how we may perform in the future.
