Axa, the French insurance firm, will bid on the portion of its Australian arm it does not own after the subsidiary garnered huge profits over 2004’s first half, Reuters reports.

Axa Asia Pacific would be the parent company’s second huge purchase in the last month, after having just purchased U.S.-based MONY for $1.5 billion. The move toward the Asian market follows a six-month period in which the company has made a sevenfold profit, thanks in large part to positive results in the property and casualty departments.

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