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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.

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Tags banking2009 Financial ResultsAXA Asia PacificMergers and acquisitions

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