AXA First Half Net Income Down

NU Online News Service, Aug. 14, 11:40 a.m. EST?The weak equity markets played a role in AXA Group's 75 percent drop in net income during the first half to 209 million euros ($236.7 million at current exchange rates), compared with 837 million euros ($947.9 million) in the same period last year.

The Paris-based company said this drop was due to the absence of recovery in the financial markets. Net income was impacted by further impairment charges attributable to shareholders of 1.1 billion euros ($1.3 billion) on equity securities in first-half 2003, versus 200 million euros ($226.5 million) in the first half of 2002.

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