By Noemie Bisserbe
PARIS--AXA SA (CS.FR) on Tuesday reported a 2% rise in net
profit in the first half of the year, helped by a weaker euro.
Europe's second-largest insurer by market value said net profit
increased to 3.08 billion euros ($3.37 billion) in the six months
to the end of June from EUR3.01 billion a year ago.
Discounting the effect of foreign-exchange fluctuations, AXA
said it would have recorded a 7% decline in net profit over the
period.
Life and savings annual premium equivalent, known as APE, was up
16% at the end of June. APE measures new business growth for life
insurance by combining the value of payments on new regular premium
policies, and 10% of the value of payments made on one-time,
single-premium products.
The company said its solvency ratio--a key measure of an
insurance company's financial strength--was 258% at the end of
June, down from 266% a year ago.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
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