AXA Wealth’s overall funds under management (FUM) for the full year 2014 rose by 11% to £28.2bn from £25.5bn a year ago.

The group’s total retail sales for the year were £3.3bn over the same period.

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Elevate from AXA Wealth has posted a 24% increase in its funds under management to £9.2bn from £7.5bn. Funds under management for the AXA Wealth pensions and investment range totaled £18.4bn.

Assets at AXA Wealth’s specialist investment business, Architas, were up 7% from £12.8bn to £13.6bn.

The group also reported an 18% rise in pension sales to £477m in 2014, from £406 million in 2013.

AXA Wealth CEO Mike Kellard said: "Not only did 2014 see huge changes for the retirement planning space, but our strong results saw AXA Wealth move into profitability, a reflection of the investment we have been making to our infrastructure, our distribution model and to making investing as easy as we can.

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"2015 will be a landmark year for the industry, as the new pension freedoms bring real flexibility to the retirement market like never before.

AXA UK & Ireland Group CEO Paul Evans said: "I am very pleased with the progress across all our businesses in 2014. AXA Wealth, retained from the disposal of AXA Life in 2010, is now profitable and well placed to take full advantage of the retirement reforms in April."