AXA Asia Pacific profit drops 18 pct

Published: 04 Aug 2009 17:04:25 PST

SYDNEY, Aug 5 - Australian life insurer and fund manager AXA Asia-Pacific Holdings Ltd <AXA.AX>, reported an 18 percent slide in net profit before one-offs, hit as expected by a slump in fund inflows amid the global economic downturn.

AXA, which is 51 percent owned by French insurer AXA SA <AXAF.PA>, said net profit before one-offs and investment experience fell to A$267 million ($225 million) for the six months to June, from A$325 million a year ago.

The result was roughly in line with analysts' expectations around A$262 million.

AXA said operating earnings fell 13 percent to A$255.5 million, hurt by a 30 percent drop in fund inflows and a 39 percent slide in earnings in New Zealand. ($1=1.185 Australian Dollar)