August 1, 2019 / 5:21 AM / 18 days ago

AXA's H1 profit falls after writing down value of Equitable Holdings

PARIS, Aug 1 (Reuters) - French insurer AXA said its net profit fell 17% in the first half of the year after booking charges related to the valuation of its remaining stake in Axa Equitable Holdings and the mark-to-market valuation of derivatives.

AXA, the second-largest European insurer after Allianz , said its net profit fell to 2.33 billion euros ($2.6 billion) from 2.8 billion during the same period a year ago.

AXA's overall revenues rose 8% to 57.95 billion euros.

Analysts polled by Refinitiv expected a net profit of 3.81 billion euros and a mean revenue of 55.21 billion euros.

$1 = 0.9049 euros Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta

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