AXA Wealth delivers strong first quarter sales[

20 May 2010

AXA Wealth, AXA UK's wealth management arm, announces strong first quarter sales to March 31 2010, with gross new sales up 43% to £1.2bn.*

• Wrap platform total funds grow strongly to £0.9bn
o adding circa £80mn monthly and two new adviser firms daily
• Architas Multi-Manager funds under management grow to £3.3bn
• AXA Winterthur pension and bond sales up 25% to £760mn
• AXA Wealth International (including Isle of Man and Dublin) sales up 24% to £232mn
• Total New Business Income equivalent up 34 % to £130mn.

Mike Kellard, chief executive officer, AXA Wealth, commented: "The business results announced today are an encouraging sign that consumer confidence is returning, and that AXA Wealth is positioned strongly for the future. This is the first evidence that the changes we put in place last autumn to accelerate the transformation of our wealth business are now bearing fruit.

"Sales are increasing across the AXA Wealth portfolio, and new propositions like Elevate wrap and Architas Multi-Manager now have the sustained momentum to build market leading positions.

"Some time ago we set out on a journey to radically change our business. Built alongside the life business, we wanted to create a new world wealth management business, aligned to the principles and disciplines of the Retail Distribution Review. I believe these results demonstrate that we have not only exceeded our original goals but successfully transformed the business during a period of huge market volatility and change.”

In October 2009, AXA Wealth announced it was to realign its business around an investment-led proposition, focused on clear and profitable market segments, and platform-based solutions to reflect the future direction of the business. This resulted in a rationalisation of its product lines, and simplification of its IT infrastructure around a new flagship range of products including its single pension The One from Winterthur product; the platform-based Elevate Pension Investment Account, Offshore products and its group Family Suntrust SIPP. All four have exceeded their Q1 sales targets. It has also continued to enhance its adviser and client service offering.