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Fund manager and insurer AXA posted a 29 per cent rise in annual operating earnings, on the back of large increases in its fund management business.
The partly French-owned company credited acquisitions, including BNZ Investment Management Limited, and organic growth with its performance.
AXA became New Zealand's largest retail fund manager during the period with 18.9 per cent of the market, up from 12.6 per cent.
The company produced earnings of $47.1 million for the year ended December 31, and increased funds under management and administration by 42 per cent to $11.2 billion.
The BNZ funds business, renamed Assure Funds Management, added $2.5b worth of funds, AXA NZ chief executive Ralph Stewart said.
AXA's other New Zealand wealth management businesses are Spicers, Arcus Investment Management and Assure.
Gross retail inflows rose 18 per cent to $679.1m, and net retail inflows grew more than five times to $92.9m.
AXA Pacific today posted an annual net profit of A$668m ($758m), up 23 per cent on the previous corresponding period.
The company expected tax changes relating to investment income would generate increased business flows.
"These changes will remove nearly all the tax-related disincentives to investing in managed funds, and preparing our business for this change has been a major priority," Mr Stewart said.
AXA, one of the default providers to the Government's KiwiSaver scheme, said New Zealanders were saving more for their retirement than two years ago.
"Although New Zealanders have high levels of consumption relative to income, the trend towards greater self reliance for future financial needs is encouraging," he said.
- NZPA
