Axa reports a loss for first half profits

Monday, August 9, 2010

Axa, the French insurance company, have this week revealed that they suffered a loss in their net profit of twenty-nine percent for the first half of the year. The firm attributes the loss to reduce capital as a result of selling some of their United Kingdom product offerings. This news comes on the back of other insurance competitors such as Aviva announcing excellent profits from the first six months of 2010.

Axa reported that they have suffered a net loss of 1.478 billion Euros, following on from the sale of Resolution, their British insurance firm. In addition, overall profit for operations fell by three percent, because of reduced takings in their damage insurance division (of nine percent), and a fifteen percent reduction in asset management. However, their figures were not all negative, as sales of life assurance, savings and pensions increased by six percent.

Axa provide life insurance from just £5 per month. AXA focuses on life and pensions, wealth management, protection, health and general insurance. Through a number of operating companies including AXA Life, including AXA Wealth; AXA Insurance; AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin.

Their headquarters are in London with main offices in Bristol, Basingstoke, Tunbridge Wells and Dublin, Ireland. They also have a network of other offices and sales centres across the UK. In total, They employ around 11,000 people in the UK, 1,000 people in Ireland and have approximately 10 million UK customers. AXA Group employs 216,000 employees and distributors worldwide and has major operations in Europe, North America and the Asia/Pacific area. 96 million clients worldwide have placed their trust in AXA to insure their property (cars, homes, belongings); provide health and personal protection for their families or employees; and to manage their personal or corporate assets.