AXA UK, part of the French-listed AXA group, reported that underlying earnings including one-off items at its Life & Wealth business fell by 14 per cent year-over-year in the first half of 2010, to £104 million (around $165.4 million).

The one-off items included non-recurring profit from the restructuring of an annuity portfolio in the first half of 2009, and a one-off tax in the first half of this year. If these effects are stripped out, underlying earnings at the firm rose 34 per cent year-over-year to £151 million.

New business premiums in AXA Wealth were up 45 per cent to £1.9 billion for the first half of this year, “having rapidly recovered following a difficult 2009,” the firm said in a statement.

Meanwhile, the sale of parts of AXA UK’s Life business to Resolution for £2.75 billion remains on track for completion at the end of the third quarter, the firm said. 

The insurance and wealth group simultaneously announced that Nicolas Moreau will become chief executive of AXA France, and Paul Evans will become chief executive of AXA UK. Evans will also join AXA’s executive committee. These appointments will be effective from 1 October 2010.

Moreau and Evans are currently CEO and deputy CEO of AXA UK respectively. Additionally, Moreau is a member of the group’s management committee.

At the helm of AXA France, Moreau will take over from François Pierson, who will become global head of the group’s P&C insurance operations.