AXA Asia lifts profit 23pc

Australian fund manager and life insurer AXA Asia Pacific Holdings said first-half net profit rose 23 per cent, ahead of analysts' forecasts, and it increased the size of a share buyback.

AXA flagged more acquisitions and capital management initiatives and announced plans to accelerate growth in China and India.

Net profit for the six months ended June rose to A$374 million. "Superannuation has clearly become the preferred long-term savings vehicle for Australians and we are well positioned to capitalise on it," group chief executive Andrew Penn said.