Axa reports an increase in operating earnings for the first half of 2008, but the result is tempered by a downturn in profit due to market volatility.
Despite a downturn in profit due to the global liquidity crisis, wealth manager Axa Asia Pacific Holdings Limited (Axa) has announced an increase in operating earnings for the first half of 2008.
Group operating earnings were up 11 per cent from 2007, to $295 million for the 6 months ended June 30, 2008.
"The first half of 2008 could not have been more different from the first half of 2007 and therefore I am pleased to be reporting a growth in group operating earnings," Axa chief executive officer Andrew Penn said.
However, profit after tax was down 75 per cent to $94.2 million from $374 million in 2007.
Group funds under management and administration were also down 13 per cent to 95.3 billion, compared to $109 billion at December 31, 2007.
Penn said it is difficult to predict how the movements of the current market would impact on the economy.
"However, it is our job to focus on the long-term because the long-term trends in our industry continue to be attractive, and that is exactly what we will do. We have a clear strategy and a strong balance sheet," he said.
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