Winterthur business update full year 2007

Winterthur's wealth management business, which is part of AXA Life's wealth management business unit, today reports an increase in new individual pensions business during 2007, up 22% to £1.93 billion SPE (2006: £1.59 billion) reflecting the success of its predominantly single premium proposition.

The company also reports a further rise in assets under management to £11.45 billion, as at December 31 2007, up from £10.43 billion as at Q4 2006.

Business update highlights:

Within the UK pensions segment, key highlights for the Winterthur 2007 business include an increase of 38% for Single Premium Personal Pensions up to £1.05 billion (2006: £761mn); a 54% rise for Income Withdrawal, to £537 million (2006: £348mn) and Annual Premium Personal Pensions growing 7% to £13.6 million (2006: £12.8mn).

In addition, in the UK investments segment, new business for the investment bond grew 7% to £112 million (2006: £104mn).

Mike Kellard, CEO, AXA & Winterthur Wealth Management, said: "I am delighted to report another year of strong business growth for Winterthur. I believe in today's uncertain economic climate, people are choosing a proposition that offers both flexibility and choice. Supported by its recognised five star service, the business results confirm the success of the proposition."

Paul Evans, CEO, AXA Life, said: "Winterthur has helped AXA improve its market share in the IFA wealth management sector, delivering another year of strong performance. The business is a great asset to the AXA Group."