AXA Asia Pacific, the Melbourne-based group today reported a $679.2 million profit for 2009, a sharp contrast to $278.7 million loss in the previous year.

AXA Asia Pacific Holdings Chief Andrew Penn says the company is back to business, but refused to comment on the $14.4 billion deal by the National Australia Bank.

Mr. Penn claimed to have a very strong balance sheet and capital position.

A final dividend of 9.25 cents per share, franked to 2%, brought total dividends to 18.5 cents for the year.

The operating profit was 6% higher in Hong Kong to $HK2.03 billion ($A290 million) and surged 44% to $50.2 million for its South East Asia unit.

However, the company's operating earnings for its Australian and New Zealand business was weaker than anticipated, going 25% and 18% down respectively.

"I have always focused on how to expand the business and to maximize the wealth of the shareholders", Andrew concluded.

It seems that NAB and AMP will now have to work hard to convince AXA for the acquisition to take place.