Axa Asia Pacific Holdings has announced an increase of 36% in profit to $246.4 million for the first half of this year, compared with $181.5 million for the corresponding period last year.

Operating earnings grew strongly, up 18% to $185.8 million compared with the same time last year at $157.8 million.

CEO Les Owen says the strong set of results come after a very good performance over the past two years. “Operating earnings in Australia and New Zealand grew very strongly, up 32% to $99.8 million.”

Mr Owen says these are the first results prepared by Axa Asia Pacific under the International Financial Reporting Standards.

“Operating earnings in Hong Kong grew 10% in local currency to $HK505.7 million [$86 million], driven by continued profitable sales growth,” he said. “In China and South East Asia, the value of new business grew 18% to $31.8 million.”