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AXA predicts improve profit

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AXA predicts improve profit

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Europe’s second-biggest insurer, AXA, has said it expects improved profitability from price increases and new products this year.

Its net earnings for 2009 quadrupled to 3.6 billion euros. However underlying profit was down five percent.

Chief Executive Henri de Castries blamed a rise in natural disaster claims and the recession’s impact on AXA’s property and casualty business.