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Axa expected to post higher revenues

PARIS (Bloomberg) — Axa SA, Europe’s second-biggest insurer, may post an increase in its third-quarter revenue on higher sales of life and savings products in France and the US and on increased fees from asset management.Revenue probably climbed to 18.3 billion euros ($23.3 billion) from 16.6 billion euros in the year-earlier period, according to the median estimate of seven analysts surveyed by Bloomberg. The value of its new life and savings business, which measures the present value of future profits expected from long- term life and pension policies, may have risen 48 percent to 310 million euros. Axa will publish the figures tomorrow.

Axa chief executive officer Henri de Castries aims to increase annual sales of life and savings products in France by 10.5 percent through 2012.

The 52-year-old CEO also is expanding Axa’s business abroad.

In June he announced the 7.9 billion-euro purchase of Credit Suisse’s Winterthur unit, which will give it 100 billion euros of assets under management as well as a leading position in the Swiss insurance market.

In the third quarter, Axa’s asset-management revenue probably climbed 21 percent to 1.03 billion euros, according to the estimates.

Property and casualty revenue may have advanced 5.2 percent to 4.59 billion euros, the survey showed.

De Castries, who took over in May 2000, said last month the integration of the Winterthur unit, expected to be completed by year-end, is proceeding “quickly and smoothly.”