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PARIS (Reuters) - Europe’s No. 2 insurer, AXA, said on Friday its first-half net income edged 1 percent lower on a like-for-like basis, as a 228 million euro ($302 million) accounting loss on interest rate hedging instruments offset operational gains.

AXA’s net income fell to 2.47 billion euros from 2.54 billion in the year-ago period – a 3 percent drop on a reported basis. Thomson Reuters I/B/E/S had forecast net income of 2.34 billion euros, based on an average of two analysts’ forecasts.

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