French insurer Axa has reported a 12% rise in net profits after goodwill to Euro1.22bn (£758.6m), for the six months to June. This was below expectations of net profits between Euro1.46bn and Euro1.5bn. Net profits before goodwill were Euro1.54bn (£953.1m).
Axa said it was helped by improvements in its property and casualty business which offset a slowdown in the life industry in its main markets. Assets under management rose by 6% to Euro950bn (£588bn) in the six months from December 31, 2000.
The firm said its actions to re-position the business were helping its profitability, but it warned that the global outlook for the insurance industry was uncertain.
