Axa Asia Pacific Holdings has announced an increase of 23.3% in profit after tax and before non-recurring items to $303.8 million for the six months ended June 30.

For the same period last year Axa posted $246.4 million. Operating earnings, a key indicator of the underlying performance of the business, grew strongly – up 20% to $223 million, compared with $185.8 million last year.

Group CEO Les Owen says the group’s strong performance in Australia and New Zealand over the past few years has continued. Operating earnings are up 22.1% to $121.9 million, compared with $99.8 million in 2005.

The value of new business rose 32.7% to $66.9 million, compared with $50.4 million last year.

“Our results are the consequence of the focusing and repositioning of our business over the last few years, and the results of our very strong management, execution and governance disciplines,” Mr Owen said.