French insurer's net profit to drop

PARIS: French insurer Axa SA's net profit will drop by more than half in 2001 to 1.2 billion euros (about US$1 billion), Chairman Henri de Castries was quoted as saying Monday in French daily newspaper Le Monde.

De Castries, in an interview that appeared in Tuesday's edition of the newspaper, estimates the impact of falling share values on Axa's bottom line at 1 billion euros.

Like other insurance groups, Axa has been hit by rising claims following the Sept. 11 attacks against the United States and plunging share prices.--AP