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Portfolio > Economy & Markets > Fixed Income

AXA Profits Fall Sharply Despite Increase In U.S. Variable Annuity Sales

By Staff Writer

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NU Online News Service, Aug. 13, 2003, 1:20 p.m. EDT – AXA S.A., Paris, is reporting the equivalent of $231 million in net income for the first half on $53 billion in revenue, compared with $751 million in net income on $29 billion in revenue for the first half of 2002.

In European currency, the company is reporting 209 million euros in net income for the first half on 47 billion euros in revenue, compared with 837 million euros in net income on 33 billion in revenue for the first half of 2002.

The weakness of the U.S. dollar and continuing weak investment earnings hurt the first-half results, AXA says.

In the United States, first-year variable life sales fell to $71 million, from $143 million, but variable annuity sales rose to $1.6 billion, from $1.2 billion.

The conversions here are based on an exchange rate of $1=0.905 euros for the 2003 results, and an exchange rate of $1=1.1145 euros for the 2002 results. The exchange rates come from AXA.

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