AXA Financial Group (AXF), the U.S. subsidiary of France’s AXA, which controls Equitable Life, Alliance Capital Management and AXA’s other U.S. interests, posted a 45 percent gain in operating earnings for the third quarter to $241 million on strong earnings from its investment management activity.
The figures do not include the results from investment bank Donaldson, Lufkin & Jenrette (DLJ), which AXF has sold to Credit Suisse First Boston, but takes into account earnings from Sanford C. Bernstein & Co., which it bought earlier this year.
Nevertheless AXF will record a net earnings loss for the quarter of $106.4 million due to the taxes and expenses connected with the DLJ sale. Before taking this transaction into account AXF recorded 55 cents earnings per share during the quarter, beating analysts estimates by five cents.
More exceptional activity is anticipated before the end of the year as AXA moves to acquire the remaining 39.7 percent minority shares of AXF in a $9.4 billion deal before the end of the year.
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