AXA says profit will exceed expectations
January 20, 2010
AXA Asia Pacific Holdings Limited (AXA) said it was expecting full-year post-tax profit to 31 December 2009 to come in at around $675 million, beating analysts’ current forecasts for the insurer.
The final figure includes $57 million in non-recurring items, including the profit on the sale of its 50% stake in AXA Asia Pacific’s Indian interests and the resolution of a 17-year-old tax dispute.
Other earnings include group operating earnings of around $550 million, slightly down from last year, while the strengthening sharemarket saw investment earnings climb to $185 million from a loss of $537 million a year ago.
In Australia, operating earnings were expected to be around $205 million reflecting a strong second half to the year.
CEO, Andrew Penn, said he was happy with the result.
”We have responded well to the impacts of the global financial crisis and the earnings of all of our businesses have accelerated since the first half of 2009,” Mr Penn said.
At the close Wednesday, AXA shares were trading at $6.60.
The final figure includes $57 million in non-recurring items, including the profit on the sale of its 50% stake in AXA Asia Pacific’s Indian interests and the resolution of a 17-year-old tax dispute.
Other earnings include group operating earnings of around $550 million, slightly down from last year, while the strengthening sharemarket saw investment earnings climb to $185 million from a loss of $537 million a year ago.
In Australia, operating earnings were expected to be around $205 million reflecting a strong second half to the year.
CEO, Andrew Penn, said he was happy with the result.
”We have responded well to the impacts of the global financial crisis and the earnings of all of our businesses have accelerated since the first half of 2009,” Mr Penn said.
At the close Wednesday, AXA shares were trading at $6.60.
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