Axa second-half profits jump

PARIS: Axa SA had a second-half profit seven times higher than a year earlier, boosted by increased earnings at its property and casualty business.

Net income rose to €796 million from €112 million in the second half of 2002. Profit surpassed the €570 million median forecast of seven analysts surveyed by Bloomberg News.

Axa has cut costs by €1.24 billion since the Sept. 11, 2001, terrorist attacks, and raised prices for property and casualty coverage.