AXA's first-half profit falls after writing down value of Equitable Holdings

FILE PHOTO: The logo of insurer Axa is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau/File Photo GLOBAL BUSINESS WEEK AHEAD - Copyright Charles Platiau(Reuters)

By Reuters

Published on 01/08/2019 - 08:04•Updated 26/04/2024 - 13:12

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PARIS (Reuters) - French insurer AXA <AXAF.PA> said its net profit fell 17% in the first half of the year after booking charges related to the valuation of its remaining stake in Axa Equitable Holdings and the mark-to-market valuation of derivatives.

AXA, the second-largest European insurer after Allianz <ALVG.DE>, said its net profit fell to 2.33 billion euros ($2.6 billion) from 2.8 billion during the same period a year ago.

AXA's overall revenues rose 8% to 57.95 billion euros.

Analysts polled by Refinitiv expected a net profit of 3.81 billion euros and a mean revenue of 55.21 billion euros.

(Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta)

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