Axa, Europe's second-largest insurer, has bid A$3.1bn (€1.8bn) to mop up the minority of its Australian subsidiary. The move comes on the back of a sixfold increase in profits for the French group which accompanied the news with an upbeat forecast.

Sources close to the deal said on Friday that Axa may well have to lift its A$3.75 cash and shares offer for the 48% of Axa Asia Pacific Holdings it does not already own.