AXA Posts 28.8 Percent Gain in Gross Revenue for 1st Half

September 21, 2000

Following a strong performance by its U.S. Financial Unit, AXA Financial, the French Group posted a net increase of 28.8 percent for its consolidated revenues to € 41 billion ($34.85 billion) for the first half of 2000.

Net operating revenues also increased. While the life-savings-pensions group posted a small 2.3 percent gain, property and casualty insurance contribution to net income fell 14.1 percent to €324 million ($275 million) compared to the first half of 1999.

The big gains were posted in asset management net income, which rose sharply from €33 million ($28 million) in 1999 to €81 million ($68.85 million).

The announcement also noted the transactions AXA has made so far this year – Buying Japanese Life insurer Nippon Dantai, acquiring the minority interests of Sun Life & Provincial Holdings and AXA Financial, the purchase of asset manager Sanford Bernstein, and the sale of investment bank Donaldson, Lufkin & Jenrette – warning that while they had no impact on first half results, “they will have a significant impact on the accounts for the full year 2000.”

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