Chief executive Andrew Penn of Australasian wealth manager Axa Asia Pacific Holdings (ASX: AXA) has put on a bold front amid his company's weak results.

Mr Penn defended Axa's performance as "very good" after brokers downgraded earnings forecasts for the insurance and financial service provider by up to 12 per cent.

Against the backdrop of a long-running takeover saga involving AMP, NAB and Axa APH French parent Axa SA, Mr Penn yesterday reported June half-year results as "very good".

"I've learned in life you can focus on the things you can control," he said. "Our focus is on our business and I'm very pleased with how the business is going."

On Wednesday, the company projected a $220 million result for the six months to June 30. The forecast is 20 per cent lower than the previous figure and far below consensus expectations. The seemingly frail result has led to speculations that suitor NAB would decrease its $14 billion bid, which is being revamped in an attempt to address the the Australian Competition & Consumer Commission's concerns.

According to Mr Penn, combined earnings climbed 6 per cent, 25 per cent in Australia and New Zealand, and 19 per cent in Asia.

He said Axa was affected by the strengthening Australian dollar, while the domestic stock market slumped 12 per cent. "Our investment earnings were $60m lower than we would ordinarily expect, so I think we booked a very good result there."

While much of the slump was blamed on Axa's Hong Kong-based Asian business, Axa China Life, Mr Penn said Hong Kong earnings had increased 20 per cent during the half year, with adviser figures rising 6 to 7 per cent.