AXA's investment arm Architas saw an increase in funds by 7 % to £13.6 billion while pension sales were up 18 % from £406 million to £477 million. The figures were reported as part of AXA Wealth's full year 2014 financial results with the company reporting growth across the business and a move into profitability. The profits for AXA Wealth were not disclosed to the AXA group.
The company says that during 2014 it ensure it was going to be fully 'pension reform-ready' to increase its flexibility in retirement and that it made its pricing more competitive and transparent. It also simplified its investment range through "refreshed fund ranges" to meet differing client needs.
Mike Kellard, chief executive officer, AXA Wealth, said: "Not only did 2014 see huge changes for the retirement planning space, but our strong results saw AXA Wealth move into profitability, a reflection of the investment we have been making to our infrastructure, our distribution model and to making investing as easy as we can. While this is obviously good news, our journey continues, and we will learn from other industries how to keep our customers' experience front of mind.
"For example, the costs for the Elevate platform are based on clarity and transparency and the price you see is the price you pay. As with air-travel, while 'budget' alternatives may appear cheaper, hidden extras soon add up, which can not only confuse customers but also leave them out of pocket.
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"2015 will be a landmark year for the industry, as the new pension freedoms bring real flexibility to the retirement market like never before. Leveraging the strength of the global AXA group, we are in a strong position to offer the flexibility that customers will be looking for across our entire proposition with the service they expect to support their financial decisions."
Paul Evans, AXA UK & Ireland Group Chief Executive, said: "I am very pleased with the progress across all our businesses in 2014. AXA Wealth, retained from the disposal of AXA Life in 2010, is now profitable and well placed to take full advantage of the retirement reforms in April."