AXA Asia Pacific: Well Positioned In Asia

AXA Asia Pacific Holdings Ltd. (AXA.AU) said Monday it remains well positioned to continue to grow its presence in Asia, three weeks after rejecting an A$12 billion bid from its French parent AXA SA (AXA) and Australian wealth management rival AMP Ltd. (AMP.AU)

In a media release accompanying its annual investor conference in Sydney, AXA APH Chief Executive Andrew Penn said the group's Asian businesses across Hong Kong, southeast Asia, China and India offered "exciting growth potential, due to the attractive demographics and the high propensity of consumers to save, as well as the low insurance penetration in these markets."

"In the immediate term our priorities in Asia are to restore and sustain organic growth in Hong Kong, capitalise on the scale that we have achieved in South East Asia and position our businesses in India and China to reflect the significant opportunities that these markets present on the one hand but also the risks that exist for foreign players on the other," said Penn.

In a slide presentation at the start of the two day briefing, the firm made no mention of the cash and share bid from its 54% owner AXA and AMP, which AXA APH's independent directors dismissed on Nov. 9 as undervaluing the company.

-By Bill Lindsay, Dow Jones Newswires; 61-2-8272-4694; bill.lindsay@dowjones.com

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