French insurer AXA has reported first-half net profit of €840 million - down 32 per cent from €1.22 billion in the same period last year.
The preliminary results were released ahead of final figures to be announced on September 2nd, and were well above analysts forecasts of between €560-€600 million.
AXA's first-half operating profit was €1.02 billion, up 17 per cent from €880 million. Adjusted earnings before exceptional items and amortisation of goodwill were €1.12 billion, down 25 per cent from €1.54 billion.
The insurer said it had booked an additional €90 million provision related to September 11th attacks in the United States because of the complexity of the claims process and delays in claims reporting. It also said its cost-cutting programme was "on track".
Broken down by activity; life and savings posted operating profit of €890 million, down 2 per cent, but held up by profitable French and US operations.
Property and casualty operating profit was €230 million double the level a year ago.
Asset management and other financial services posted a flat operating profit of €180 million. Group net capital gains came in at €210 million, down from €660 million.