French insurer AXA has reported growth in all areas of business with record asset management inflows of E56 billion for 2005.
The insurer also benefited from an increase in new business from Life & Savings, which increased by 11% to E5.5 billion. Growth was particularly strong in Q4, AXA said.
CEO Henri de Castries said, We are broadly on track with our long-term activity objectives in 2005 and are seeing promising signs in all of our key markets that our 2012 ambition initiatives are gaining traction.
Property & Casualty revenues increased by 3% to E18 billion mainly driven by France and Southern Europe. International Insurance revenues increased by 10% to E3 billion. Unit-linked new business increased 16% to represent 45% of total APE, up from 42% in 2004.
The increased uptake of unit-linked savings products in France reflects similar figures released for the UK by insurer Legal & General this week.