Insurer and wealth management company AXA Asia Pacific Holdings Ltd
(ASX:AXA) has reported a 187 per cent rise in net profit for the half year, thanks largely to the company’s investments in Asia.
Net profit for the six months to June 30 came to $270.4 million, up from $94.2 million recorded in the same period a year ago.
Operating earnings for the period fell 13 per cent to $255.5 million, down from 295 million in 2008.
Funds under management, administration and advice dropped 10 per cent to $75.72 billion.
CEO Andrew Penn says that while some of the performance is lower than the same period in 2008, when you consider the severity of the market downturn, these results are strong.
Mr Penn says that whilst all markets have been affected by the global financial crisis the economies in Asia, from where the company’s derives approximately two thirds of its earnings, are faring better than in many OECD countries.
AXA Asia Pacific Holdings posted a loss in 2008 after profits the four years previous.
