Axa UK cover arm outshines

Axa UK's protection sales saw a significant increase in 2008 in marked contrast to the rest of its business. Axa's Life and Savings division, which includes wealth management, corporate pensions, direct business and protection saw its annual premium equivalent (APE) - the sum of 100% of premiums and 10% of single premiums - reduced from £1087m in 2007 to £1026m in 2008. Yet protection sales were up 63% and corporate pensions up 10%. Axa said this result strongly outperformed the market as mortgage activity has fallen off sharply. Axa's general and healthcare revenue was up 2% in 2008.