AXA UK blames earnings drop on markets and restructure

Earnings were hit by the falling stock market but also increased investment costs in initiatives such as the launch of the Architas fund of funds range and new financial services brand, Bluefin. AXA UK's Life and Savings business includes wealth management, corporate pensions, protection and direct businesses. Total APE fell from £1,087m in 2007 to £1,026m in 2008, although revenues grew 10% for corporate pensions and 63% in the AXA Protection Account. Revenues in AXA's wealth management business decreased by £101m to £618m, down 14% from 2007, reflecting consumer caution. However, AXA ...