French insurance giant Axa has posted first-half net consolidated income of €3 billion ($4.69 billion), compared with €3.44 billion ($5.38 billion) in the corresponding period last year.

Gross written premium declined to €50.38 billion ($78.72 billion) from €51.06 billion ($79.79 billion).

The property and casualty combined operating ratio was stable, moving to 95% from 95.7%.

The protection business’ ratio was 96.2%, improving from 96.8%, and the health combined operating ratio was 94.9%, compared with 95.1%.

Axa says the planned sale of its US operations should provide additional cash over the next few years.