French insurer AXA, the largest insurance company in the world measured by sales, posted annual profits in line with expectations yesterday and said it would split the nominal value of its shares by four.

A good performance in the company's life assurance and savings division helped offset a decline in profits at AXA's property and casualty unit, which included a €150 million (£118 million) loss at its UK arm.

Net profit in 2000 after goodwill write-downs and before one-off items at the group, which employs 700 in Ireland at the former Guardian PMPA business, came in at €2.26 billion, up from €1.865 billion a year earlier and broadly in line with a consensus forecast of €2.244 billion.