AXA thinks big with new targets

AXA Australiahas unveiled a new set of performance guiding indicators — the AXA 6 — after completing its K5 transformation program in December 2003.

“As you know four years ago AXA was not a credible player in our industry, four years ago we were not even in the game. Our successful K5 program has changed that but that job is done,” AXA Australia and New Zealand chief executive officer Andy Penn says.

The group is concentrating its growth focus solely on wealth management and financial protection and the new targets — to run until the end of 2007 — are aimed at “raising the bar” as it hones this focus, Penn says.

The six targets include the aim of doubling the value of new business, consistently being in the top five for net retail fund inflows, doubling funds under advice, reducing the cost to income ratio by one-third, consistently being in the top five in terms of service to advisers and finally remaining in the top quartile of AXA’s global businesses.

“We have the right vision and strategy and we measure the right things - we are now a credible player… Clearly though we are not yet a market leader,” Penn says.

“So we have to do better if we are to move into the big league — we must lift our performance again.”