French insurance giant Axa has recorded a net profit for 2000 of 2.2 billion Euros – but no thanks to its property and casualty businesses. The company’s life and savings division recorded a 28% rise in net cash earnings to 1.4 billion Euros, while property and casualty fell 35.3% to 408 million Euros.

New Chairman Henri de Castries said the company will enhance its focus on customers and shareholder return by increasingly leveraging its IT, management expertise and scale.