ARIS, Aug 3 Axa, Europe’s second-biggest insurer, reported a weaker than 
expected 4 percent rise in its first-half net profit, hit by lower investment returns, higher claims and despite a boost from real estate sales.
Europe’s biggest insurer after Germany’s Allianz said it made a profit of 3.2 billion euros ($3.6 billion), falling short of the consensus market forecast of 3.6 billion.
A 1 billion-euro gain from the sale of two properties in New York City was partly offset by disposals of units in the UK and Portugal and losses on financial instruments, Axa said.
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