AXA group CEO to leave by year-end

AXA Asia Pacific Holdings has announced its group chief executive Les Owen will leave the financial services firm at the end of 2006 for personal and family reasons.

The announcement was made immediately after the group reported a 23.3 per cent increase in interim net profit to $303.8 million in the six months to June 30.

AXA APH chairman Rick Allert said Owen had decided not to extend his current contract, which expires on December 31 “from a personal and family point of view”.

Allert said he expects the board to appoint an “internal successor” to Owen and that an “announcement in this respect is likely to be made within a few weeks”.

The announcement of Owen’s departure follows yesterday’s reappointment of managing director group strategic development Andrew Penn to his previous role of chief executive Australia and New Zealand with immediate effect.

Owen said during his delivery of AXA’s interim results today that the firm is well positioned for acquisition opportunities and to deliver profitable growth in all its businesses, after reporting a higher first half profit.

“Another set of excellent financial results is tangible evidence of the continued progress we are making in our core business of wealth management and financial protection,” he said.

The group’s operating earnings reportedly rose 20 per cent to $223 million from $185.8 million.

Revenue was down 2.1 per cent to $2.09 billion from $2.14 billion.