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.
In addition to the hedging loss, the quarter was also hit by 118 million euros from restructuring costs in the U.S. and an 86 million euro negative impact from discontinued operations, including the sale of a portfolio of old U.S. life insurance policies, the company said.
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