AXA posts first-half loss

AXA, Europe’s second-biggest insurer by market value, posted a net income fall of 29 per cent to €944m (£782m) yesterday driven by the loss of €1.48bn from the sale of some UK Life operations to insurer Resolution.

The French firm also announced a management reshuffle. It said Nicolas Moreau, chief executive of the UK arm and chairman of Axa Investment Managers, would return to France to become chief executive of the core domestic business, while François Pierson would give up that role but retain responsibility for the global general insurance business.

And Paul Evans, currently deputy chief executive of Axa in the UK, will become chief executive of the UK business.

The firm said these appointments would become effective from 1 October.

Axa added that stripping out its one time sale of some of its Life assets to Resolution, its first-half underlying profit only declined two per cent to €2.08bn.

Overall, revenues at the group were flat at €49.9bn.