AXA APH (ASX:AXA): Strong Growth in Asia Business
AXA APH saw a 19 per cent growth in Asia business operating earnings on a local currency basis, although this will be hit by the strengthening of Australian dollar.
The Asian business represents approximately two thirds of the operating earnings in the wealth management and insurance group. National Australia Bank's (ASX:NAB) A$13.29 billion takeover bid values its Asian assets at A$9.4 billion, said Andrew Penn.
The group said it expects operating earnings for the half year to 30 June 2010 to be approximately A$270 million, up 6 per cent on 2009. The Australian and New Zealand operations are expected to post a strong rise in operating earnings of 25 per cent to A$110 million.
National Australia Bank Limited
AXA Asia Pacific Holdings Limited