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New chief Evans sure Axa is on right course

Former chief executive of Axa Life Paul Evans says he will continue with the firm’s existing strategy as he succeeds Nicolas Moreau as chief executive of Axa UK.

Evans had been promoted to deputy chief executive of Axa UK following the sale of the company’s life and pensions, corporate pensions and IFA protection businesses to Resolution for £2.75bn. Moreau becomes chief executive of Axa France.

Evans says: “It is not a case of new CEO, let’s launch a strategic review. I believe we are on the right path and the focus for the next few years is on accelerating our delivery, achieving profitability targets and achieving scale.”

Axa UK reported a 6 per cent increase in business on an annual premium equivalent basis to £469m for the first half of this year, up from £441m last year.

Life and wealth underlying earnings soared by 79 per cent from £58m to £104m.

Bluefin Advisory Services increased revenues by 8 per cent but revenues for Bluefin Wealth Management were down by 19 per cent to £31m.

The insurer says BWM has closed 20 offices and 200 employees have left the business.

Axa’s Elevate wrap has 675 IFA firms signed up with around £1bn of assets on the platform while the multimanager business Architas nearly doubled funds under management to £3.5bn.

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