AXA says capital loss cuts profits 29.0 percent

4th August 2010, Comments 0 comments

French insurance giant AXA reported on Wednesday a 29.0-percent fall in net profit for the first half, blaming a capital loss as expected from the sale of some activities in Britain.

The net figure was 944 million euros (1.25 billion dollars) after a loss of 1.478 billion euros from the sale of British insurer Resolution and of some life assurance, savings and pension activities in Britain.

Excluding this exceptional item, operating profit fell by 3.0 percent, owing to a fall of 9.0 percent in the damage insurance sector and of 15.0 percent by asset management.

But operating profit by life assurance, savings and pensions businesses rose by 6.0 percent.

© 2010 AFP

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