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Axa 1999 profit rises 22%
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March 16, 2000: 7:11 a.m. ET
Higher life insurance sales, growth at DLJ boost market leader
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LONDON (CNNfn) - Axa, Europe's largest insurer, said Thursday its 1999 profit rose 22 percent on increasing demand for life insurance products in its three major markets, the United States, France and Britain.
Profit before one-time items rose to 1.87 billion euros ($1.8 billion), or 4.98 euros a share, from 1.53 billion euros, or 4.24 euros a share, in 1998.
Axa said it made a non-recurring gain of 156 million euros related to its purchase of U.K. insurer Guardian Royal Exchange, which it merged with its existing British unit Sun Life & Provincial. Net income, including the one-time gain, rose 32 percent to 2.02 billion euros
Paris-based Axa said life insurance income rose 14.3 percent to 3.7 billion euros, while property and casualty profit also rose 14.3 percent to 1.3 billion euros. Profit from the non-insurance unit, which includes U.S. investment bank Donaldson, Lufkin & Jenrette, rose 33.7 percent amid booming securities markets to 1.2 billion euros.
The insurer said it plans to develop its Internet strategy to offer services to its 40 million customers. The Web site will be aimed at online consumers in France, Germany, Belgium and the U.K. Axa already owns the online brokerage DLJdirect and online auto-insurance sites for French, German and Japanese users. 
--from staff and wire reports
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Axa
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