AXA 1st Half Net Profit up 2% on Strong Asset Management Business

By Noemie Bisserbe Features Dow Jones Newswires

French insurer AXA SA (CS.FR) on Thursday reported a 2% increase in first-half net profit as a strong asset management business helped offset lower life and savings revenue.

Continue Reading Below

Europe's second-largest insurer by market value said net profit increased to 3.27 billion euros ($3.87 billion) in the first six months of the year from EUR3.21 billion a year earlier. That was above analysts' estimate of EUR3.18 billion, according to data provider FactSet.

Revenue rose to EUR54.28 billion from EUR54.04 billion a year ago.

Life and savings annual premium equivalent, known as APE, was up 1% at the end of June. APE measures new business growth for life insurance by combining the value of payments on new regular premium policies, and 10% of the value of payments made on one-time, single-premium products.

-- Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

August 03, 2017 01:14 ET (05:14 GMT)