Axa Asia Pacific is on track to achieve its “Axa 6” goals, with a 23% increase in after-tax profit for the first half of this year.

The company’s results, released on August 7, show it earned $340 million in non-recurring items, compared with the $303.8 million earned in the same period last year.

Group CEO Andy Penn says the results reflect a strong underlying strength in Axa’s operations. It has left the Melbourne-based financial giant well positioned to meet the broad goals it set for itself in 2004.

Under the Axa 6 strategy, the Australian and New Zealand operation aims to double the value of new enterprise, reduce the cost to income ratio by one-third and maintain its position in the top five funds for net retail flow.

“We are well ahead of trajectory to deliver on the remaining Axa 6 goals for Australia and New Zealand by the end of this year,” Mr Penn said. The same is true for the Asia 6 goals in the broader region.

The global Axa Group has also had a strong first half. Its underlying earnings grew 29% to €2.7 billion ($4.36 billion) over the period, and Chairman Henri de Castries says the performance is set to continue for several years.

“Axa has delivered strong numbers again following a very good year in 2006. I am convinced that our business model will continue to prove its efficiency, including in a more challenging environment.”