Axa has managed to raise its margins

A net profit down 28% in the first half of 2010. As expected, the insurer Axa unveils impacted net income by the sale of part of its activities to the United Kingdom, according to a statement released Wednesday. But at 944 million euros, it appears well above expectations of analysts who had forecast of 623 million euros.

At the announcement in late June, the assignment to the British insurer Resolution a part of its business life, savings and retirement in the United Kingdom, CEO Henri de Castries had indicated that the operation would force the group to see a loss of about 1.4 billion euros. She finally reached 1.478 billion.

Besides this exception, the operating income was down slightly more, from 3% to 2.082 billion euros, as markets anticipate that 1.884 billion.A decline mainly due to the declining contribution of the activity damage (-9%) and asset management (-15%), partly offset by a 6% increase in operating income for life, savings and retirement.

The total turnover of AXA was up by 1.4% to 49.9 billion euros in the first six months of the year.

In exchange, the title Axa lost 10.9% since the beginning of the year, while the European index DJStoxx insurance is up 3.16%.

Marge and emerging areas in the crosshairs

Henri de Castries, CEO of the group, commenting on these results this morning on the group's website, said that the figures "show the strength of (our) model and the ability to do what we said we would do to give pride of our margins and long term. "AXA is pleased to have increased its margin on new business, to 19.1%, against 16% a year ago.

The emerging areas, particularly targeted by the group as part of its strategy for growth, have reached a good performance. In southeast Asia and China, the new business activity has almost doubled from one year to another. In Hong Kong and Australia, business is good too (+19% and +18%). Other key points of the group, Central Europe and East, including Turkey.France, the United States and Japan, they, are still difficult times, with decreases in activity by 12%, 12% and 13%.

AXA Asia Pacific: the benefit flexes

AXA Asia Pacific, the target of a takeover bid of 11.5 billion U.S. dollars from National Australia Bank, reported Wednesday a 19% drop in its first-half profit attributable to the fragile financial markets.

AXA Asia Pacific has announced a profit of 219.2 million Australian dollars for the first six months of the year, a figure in line with market expectations.

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