AXA Group's sale of part of its UK Life business to Resolution Group has led to a 30% drop in income for the first half of 2010.
The June sale brought in £2.74bn (€3.3bn) but led to an exceptional loss of £1.23bn (€1.478bn) against the value of Axa's balance sheet.
AXA Group says, in its figures for the first half of 2010, that without the exceptional loss, sustainable underlying earnings were about £1.72bn (€2.08bn), down on £1.76bn (€2.12bn) last year. Profit declined to £783m (€944m) from £1.09bn (€1.32bn) a year earlier,
Other UK figures were more robust, although a fall in corporate business left to AXA PPP's sales revenue static at £605m. UK corporate business was down £17m on the half year. However, this was offset by some growth in the SME sector, led by intermediaries, where revenue was up £8m and in the international sector where revenue was up £6m.
Bluefin Insurance Group which provides professional insurance broking and risk management services saw revenues down 4% to £57m in HY 2010. However, AXA says, there was strong growth from some business lines - PMI business up 7%, partners division up 7% and personal lines up 4% following the recent radio advertising campaign; the business also strengthened its client footprint by acquiring two new brokers.
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