AXA UK suffered a £104m drop in underlying earnings last year, results show.
Full year earnings fell from £235m in 2009 to £131m in 2010. This follows the completion of the £2.75bn sale of its life insurance business to Resolution.
An AXA spokeswoman says the 2009 figure, which was down 18 per cent on the previous year, included a one-off profit of £106m relating to an internal restructuring of a portfolio of annuity liabilities in the life business.
However, the retained AXA Wealth business saw new business revenues up 41 per cent to £3.9bn. The firm’s Elevate wrap platform has attracted over 900 IFA firms and £2bn funds under administration. Within its wealth arm, AXA Winterthur pension and bonds assets under administration increased 22 per cent to £4.9bn in 2010.
AXA UK chief executive Paul Evans (pictured) says: “Building on low cost platforms developed over recent years and benefiting from a resolute focus on our target markets, AXA’s businesses in the UK and Ireland are now very well-positioned for profitable growth.”