Axa Sees Earnings Increase

Axa Financial, the U.S. banking and investment branch of international insurer Axa SA, saw first-quarter operating earnings rise 61 percent on record profits from its investment bank Donaldson Lufkin & Jenrette.

Operating profits were reported at $357.5 million, up 32 cents per share from $222.2 million in the first quarter of 1999. Donaldson Lufkin & Jenrette led the record surge, doubling its profit from $78 million one year ago to $161 million for the first quarter 2000. Axa’s net profits, including investment losses, reached $298.6 million, up from $221.1 million during the same quarter 1999. The company’s revenues increased to $4.1 billion from $2.9 billion one year ago.

Axa Financial also owns majority stakes in Equitable Life and Alliance Capital.