NU Online News Service, Aug. 8, 1:25 p.m. – AXA Group, Paris, says weakness in its North American and European life insurance and asset management operations hurt revenue for the first half of the year.
The company is reporting 39 billion euros in total revenue for the period, down 5%s from the first half of 2000.
Revenue from North American life insurance operations has fallen 7%, to 6 billion euros, and revenue from worldwide asset management operations has increased 50%, to 1.9 billion euros.
Because AXA follows European conventions when reporting its mid-year results, profit and loss figures were not available.
The AXA results look worse when stated in U.S. dollars, because a dollar can now buy more euros than it did a year ago.
AXA is reporting the equivalent of $33 billion in total revenue for the first half, down 15% from the total for the first half of 2000, based on an exchange rate of 1 euro=84.9 cents, as of June 30, and an exchange rate of 1 euro=95.1 cents, as of June 30, 2000.
Revenue from asset management operations increased 34%, to $1.9 billion, but North American life insurance revenue fell 17%, to $5.1 billion.
Results for the French and German life markets were weak, but the Belgian life market, and the British life market and other European life markets were strong, AXA says.