French insurance group AXA has reported a profit rise for the third quarter, driven by strong activity in its life and savings business.

New business from life and savings investments grew by 8% to E3.7 billion, reflecting strong sales everywhere apart from Germany, which saw a decline of 22%. Asset management revenues grew by 10% to E2.4 billion.

International insurance revenues increased by 10% to E3.1 billion, which the company said was due to favorable pricing conditions and increased reinstatement premiums linked to major 2005 events.

Henri de Castries, CEO of AXA, said: Life and savings and asset management growth is comfortably within our targeted range, fully benefiting from regional diversification, be it in Asia, the US or some countries in Europe, as well as from a wide product offering with the unique combination of two leading asset managers, Alliance Capital and AXA investment managers.