Axa Financial, the U.S. banking and investment branch of international insurer Axa SA, saw first-quarter operating earnings rise 61 percent on record profits from its investment bank Donaldson Lufkin & Jenrette.
Operating profits were reported at $357.5 million, up 32 cents per share from $222.2 million in the first quarter of 1999. Donaldson Lufkin & Jenrette led the record surge, doubling its profit from $78 million one year ago to $161 million for the first quarter 2000. Axa’s net profits, including investment losses, reached $298.6 million, up from $221.1 million during the same quarter 1999. The company’s revenues increased to $4.1 billion from $2.9 billion one year ago.
Axa Financial also owns majority stakes in Equitable Life and Alliance Capital.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
After Florida Charged People With Selling Insurance Licenses, 12 More Arrested 
Indiana Church Not Owed Replacement-Cost Payment for Fire Damage 
Greek Oil Tanker Exits Hormuz Shipping Strait With Signal Off 
Marine Insurers Cancel War Risk Cover as Iran Conflict Escalates 
