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...
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