AXA APH (ASX:AXA): Strong Growth in Asia Business
Sydney, July 22, 2010 AEST (ABN Newswire) - AXA Asia Pacific Holdings Ltd. (AXA APH) (ASX:AXA) Chief Executive Andrew Penn said Thursday the company's Hong Kong business was profitable and growing with sales for the first half up 20 per cent on year. Growth was also accelerating across the Asia region with sales increased 52 per cent in the first half of 2010 compared to the same period last year.
AXA APH saw a 19 per cent growth in Asia business operating earnings on a local currency basis, although this will be hit by the strengthening of Australian dollar.
The Asian business represents approximately two thirds of the operating earnings in the wealth management and insurance group. National Australia Bank's (ASX:NAB) A$13.29 billion takeover bid values its Asian assets at A$9.4 billion, said Andrew Penn.
The group said it expects operating earnings for the half year to 30 June 2010 to be approximately A$270 million, up 6 per cent on 2009. The Australian and New Zealand operations are expected to post a strong rise in operating earnings of 25 per cent to A$110 million.
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AXA Asia Pacific Holdings Limited