AXA Wealth reported strong new business of £3.9bn in 2010, up 41% compared to 2009, as the group restructured after the deal with Resolution.
Following the £2.75bn sale of AXA UK's traditional life insurance business to the consolidator, the group refocused around a number of separate areas including AXA Wealth which is supported by the Elevate wrap. The group says: "The retained AXA Wealth business represents a fast-growing, capital-lite and Retail Distribution Review ‘ready' business with new business revenues of £3.9bn (up 41%) and £18bn funds under management." It says Elevate now has the backing of 900 registered IFA firms and £2bn funds under administration. Meanwhile, 2010 underlying earnings for the AXA UK group...
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