AXA Reports Stable 2Q Earnings
AXA's revenues stable, but credit spreads hit income.
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Underlying earnings in the Life and Savings divisions dropped 1%. Annual premium equivalent for the operation decreased in every geographical unit except for North Central and Eastern Europe. The decline was due to a number of factors specific to each region, and the firm's diversity should ensure this does not become a long-term trend. Assets under management at AllianceBernstein and AXA Investment Managers have fallen 7% from year-end 2007, with market depreciation and foreign exchange the main culprits. But the Asset Management division still grew underlying earnings 9%.