KEY POINTS:
SYDNEY - Axa Asia Pacific Holdings enjoyed a tsunami of inflows in the first half of the year following groundbreaking changes to superannuation rules.
The wealth manager, insurer and financial planner booked a 53 per cent jump in net inflows to A$2.2 billion ($2.4 billion) for the six months to June 30.
In the June quarter alone, net inflows to Axa's superannuation products surged a massive 250 per cent to A$1.39 billion, compared with the prior corresponding quarter.
"It was obviously a busy time for our industry with the superannuation changes announced in the 2006 budget," Axa chief executive Andy Penn said.
The first half performance has put Axa on track for a strong annual profit, as analysts from Citigroup said its core businesses are still travelling "reasonably well".
AXA booked a net profit of A$668 million for calendar 2006, up 23 per cent on 2005, after net retail inflows excluding one-off acquisitions jumped 122.9 per cent in the first half to A$1.5 billion.
Fund managers reported surging inflows this year as baby boomers scrambled to meet the June 30 deadline to make contributions to their super of up to A$1 million.
- AAP
