Profits down more than 50% for AXA after US attacks

AXA has estimated its operating profits for 2001 will be down by more than 50% from the previous year. The insurer has forecast earnings of E1.2bn, compared with E2.5bn in 2000. Falling equity markets and market volatility in the wake of the terrorist attacks in the US were blamed. The group's management said 2002 should be a recovery year.