National Australia Bank shareholders won't have been impressed with the mediocre interim financial report produced yesterday by Axa Asia Pacific Group, the insurer and wealth management group NAB is trying to buy.Axa reported a 19 per cent fall in net profit to $219.2 million for the six months to June. Funds under management, administration and advice were down three per cent to $78.4 billion over the same period.But shareholders will be encouraged by the news that the Australian operation produced a 25 per cent increase in operating earnings to $93.6 million and New Zealand earnings were up 22 per cent to $16 million.Among the other parts of the business, Hong Kong was down 20 per cent, India and China went from a $20 million loss to a $9.4 million loss and Ipac Asia also reported a reduced loss. South East Asia did well - up 90 per cent - but was not a big contributor, with earnings of $32 million.NAB's agreement with the French parent company Axa, which was announced in March, is that NAB will buy the Australian and New Zealand businesses of Axa Asia Pacific, while the parent will take the Asian businesses.The deal has been in limbo since the Australian Competition and Consumer Commission said in April it would oppose the bid on the grounds that a merger would lessen competition in the provision of retail investment platforms for investors with complex needs.Axa reported that about one-third of wealth management inflows in the June quarter ($620 million), came through platforms, while the balance came through advice channels and investment products.NAB may have to agree to divest the group of some platform business to get the nod from the ACCC. Axa said that if the Cooper Review's MySuper proposal was adopted with the fee structures outlined in the review, the result would be a reduction in annual after-tax revenues of about $4 million in the short term and $15 million in the long term.This assessment does not take into account any mitigating factors, such as development of the new wealth.net platform. Wealth.net is a state of the art platform that will reduce operating costs by 40 per cent. It would be a handy platform to own in the post-Cooper superannuation environment, but the ACCC is yet to be convinced it is NAB that should own it.