Evans succeeds Moreau as AXA UK boss

Paul Evans, former chief executive of AXA Life, has been put in overall charge of the group’s UK business following the sale of its legacy life business to Resolution in June.

Evans (pictured), who temporarily became AXA UK deputy chief executive after the deal, will succeed Nicolas Moreau as group chief executive officer of AXA UK in October. Moreau is moving to France to be chief executive officer of AXA France.

Interim results today show that UK life and wealth revenues increased by 6% to £469 million in the first half of the year with new business value £4 million higher at £48 million.

Underlying earnings jumped £46 million to £104 million but with one-off costs included fell 14% £104 million. AXA said the one-off costs related to a tax charge this year, and the restructuring of its annuity portfolio in 2009 which resulted in a one-off profit of £106 million.

New business premiums in AXA Wealth rose 45% to £1.9 billion, driven by the growth of AXA'a Elevate wrap platform and a rise in sales of personal pensions and offshore bonds.

AXA Elevate has reached £1 billion in funds under administration, with 675 IFA firms on the wrap and £300 million of its assets from bancassurance channels.

AXA's Archtias multi-manager arm meanwhile doubled assets under management to £3.5 billion compared to the same period last year. Business premiums from bancassurance channels rose by 142%.

AXA's offshore bond sales were boosted by the change in the minimum retirement age in April, which led to a surge in individual pensions business due to the increased use of drawdown.

The Bluefin wealth management division closed 20 offices and saw 200 employees leave the business, the statement says. Revenues from Bluefin Advisory Services rose 8 per cent in ‘challenging market conditions’.