Axa CEO Henri de Castries is on the lookout for new acquisitions after posting a 6.4% rise in net profit to $1.6 billion for 2003.

In a statement, he said Axa will now move to a more aggressive acquisition strategy. “Axa is poised for continued growth as we build momentum organically, while also remaining opportunistic for external expansion in markets where we already have strong platforms in place.”

Biggest turnaround in the group’s result was from the general insurance division, which moved from a $31 million loss in 2002 to a $731.7 million profit last year. Axa’s international operations also improved from a $287.4 million loss in 2002 to a $225 million profit.