AXA pleased with 'robust' interim results

7 August 2008

Net income at insurer Axa fell by 32 per cent over the first six months of 2008, it has been announced.

The French firm earned $3.3 billion over the first half, with operating profit rising around three per cent.

This comfortably exceeds the predictions of analysts polled by news agency Bloomberg, who forecast profits of $2.98 billion.

Interim incomes have dropped across the board among actuarial firms, due to the volatility experienced on stock markets over recent months.

Axa chief executive Henri de Castries said that profits would soon grow again, should these exchanges "not deteriorate materially".

A statement from the firm added: "The first-half performance proved robust in a turbulent market environment…we remain well positioned to benefit from any upturn."

Shares in the insurer rose 3.6 per cent this morning in early trading on the Paris exchange.

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