AXA reports tough times

Its ASX-listed parent reported an overall A$278.7 million ($349.2 million) net loss compared with a $638.7 million net profit in 2007, largely as a result of A$537.7 million in investment losses.

"We are living in extraordinary times with severe dislocation and losses in investment markets," chief executive Andrew Penn said.

“New Zealand has also been affected by a weaker economy now firmly in recession and a number of structural issues for our industry," Penn said.

These included some positive changes such as KiwiSaver but these have been expensive to implement and it will take time to see the full benefit, "particularly given recent softening of government support.”