Paris - French insurance giant Axa said Thursday its profits plunged by 83 per cent, to 923 million euros (1.163 billion dollars), in 2008.
The earnings slump was primarily due to the effects of the financial crisis, such as "negative market-to-market impacts related to corporate bonds and balance sheet hedging items," Axa said in a press statement.
Turnover for the year retreated by a more modest 2 per cent, to 91.22 billion euros, compared to 2007.