Axa Asia Pacific results buck flat trend
Axa’s first-quarter results have revealed growth in its Asia Pacific business despite generally flat results elsewhere.
Axa’s property and casualty revenues in Asia bounded ahead from €84 million ($138 million) to €200 million ($328 million), an increase of 136%.
The company has also reported a 6% increase in new business in life and savings lines in Australia and NZ to €9 million ($14.7 million).
Across all international operations, the global financial services company had just 3% growth in property and casualty lines, to €8.9 million ($14.5 million).
Life and savings revenues declined 6% while revenue from international insurance declined 34% to €1.1 billion ($1.9 billion).
Axa reported a 7% dip in asset management income.
Turnover was affected by foreign exchange rates and the subprime crisis but property and casualty growth is expected to improve during the year, the company said.
Axa’s property and casualty revenues in Asia bounded ahead from €84 million ($138 million) to €200 million ($328 million), an increase of 136%.
The company has also reported a 6% increase in new business in life and savings lines in Australia and NZ to €9 million ($14.7 million).
Across all international operations, the global financial services company had just 3% growth in property and casualty lines, to €8.9 million ($14.5 million).
Life and savings revenues declined 6% while revenue from international insurance declined 34% to €1.1 billion ($1.9 billion).
Axa reported a 7% dip in asset management income.
Turnover was affected by foreign exchange rates and the subprime crisis but property and casualty growth is expected to improve during the year, the company said.