Axa, the French insurer, shrugged off at least some French fears over the introduction of new US inspired accounting standards by revealing that its 2003 profits received a 75% boost from valuing its derivatives under US principles.

Axa's net income under French Generally Accepted Accounting Principles (GAAP) was €1.005bn ($1.204bn) rising to €3.673bn under US GAAP. The largest single component of the increase was a €752m upwards adjustment on its derivatives and hedging book.