Financial protection, insurance and asset management group AXA has announced that its net income for 2007 was up 11% on a reported basis, or up 7% on a comparable basis to E5.67 billion.

The increase was mainly as a result of higher adjusted earnings, negative impact from the change in fair value of financial assets and derivatives, positive impact from the sale of the Dutch operations and Winterthur integration costs.

For the year, underlying earnings of the company were up 27% on a reported basis to E4.96 billion, or up 15% on a comparable basis, reflecting growth in all segments.

Adjusted earnings reached E6.14 billion, up 22% on a reported basis, or up 14% on a comparable basis, as a result of higher underlying earnings and E1.18 billion net capital gains, in line with fiscal 2006.

Henri de Castries, chairman of the management board of AXA, said: 2007 was another year of solid performance, with underlying earnings per share growth outpacing our Ambition 2012 target.

The reported numbers reflect the combination of a strong organic growth in all our business lines, the successful integration of Winterthur and confirm that the strength of our balance sheet is not affected by the subprime crisis.