AXA talks could lead to €1.8bn bid

French financial-services giant AXA SA yesterday said it was planning talks that could lead to a €1.8 billion bid for the 48% stake of its Australian affiliate it doesn’t already own.

AXA, France’s biggest insurer, also posted a big jump in first-half earnings on the back of continuing cost controls and improved property-and-casualty revenue. Net profit soared to €1.44bn from €209m for the year-earlier six months, it said. Operating income - described by company as underlying earnings - rose to €1.44bn from €1.09bn.

The potential bid to take full ownership of AXA Asia Pacific Holdings Ltd is a move likely calculated at boosting the company’s exposure to the emerging wealth of the Chinese market.