Axa AP expects strong profit for 09

Axa AP expects strong profit for 09

Financial services provider Axa Asia-Pacific (ASX:AXA) has announced that it expects to post a post-tax profit of $550 million for 2009, exceeding market expectations.

The company, which has received takeover bids from NAB and AMP, posted a loss of $279 million in 2008. Investment earnings grew to $185 million, compared to a loss of $185 million in 2008.

But the company said its average funds under management in Australia and New Zealand fell by around 25% following the economic crisis.

Axa’s directors in December agreed to unanimously recommend NAB’s most recent $13.3 billion takeover offer, which is for $6.43 in cash or $6.50 in cash and stock per share.

AXA is currently trading at $6.60. The final results will be announced on February 13.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Mergers and acquisitionsbankingAXA Asia Pacific2009 Financial Results

Show Comments