AXA's first half revenues up by 3% y-o-y, to EUR 53.6 billion

AXA's underlying earnings increased by 9% to EUR 3.3 billion during 1H2018 (underlying earnings per share up 6% to EUR 1.33), while total revenues grew by 3% to EUR 53.6 billion, as the French insurer announced in a press release.

"AXA delivered a very strong operating performance in the first half of 2018, with a 6% increase in underlying earnings per share, towards the top end of our Ambition 2020 target range. This result was supported by a strong increase in technical profitability across all our businesses", said Thomas BUBERL, Chief Executive Officer of AXA.

The insurer mentioned its revenues increased by 3%, mainly due "to strong growth in (i) France (+8%) driven by Life & Savings and Health, (ii) Europe (+3%) with higher sales across all business lines, (iii) Asia (+3%) with growth in Protection and Health, (iv) International (+3%) driven by P&C and Health , and (v) Transversal (+2%). This was partly offset by the US ( - 3%), due to lower Unit - Linked sales, partly off set by higher revenues at AB.

Annual Premium Equivalent, APE (new business volume) was up 8%, mainly "driven by (i) strong growth in France (+19%) in Group Health and Individual Savings, as well as (ii) higher sales in Europe (+6 %) mainly from Protection , (iii) the US (+4%) with higher advisory sales in Mutual Funds & Other , and (iv ) Asia ( + 4%) mainly driven by Protection".

NBV margin decreased by 1.7% to 41.0%, mainly due to higher sales in Group Health in France and a shift in business mix in Hong Kong, partly offset by a favorable business mix in China and Thailand. New Business Value was up 4% to Euro 1.4 billion.

In terms of profitability, Property & Casualty all-year combined ratio improved by 0. 8% to 95.0%. Current year combined ratio increased by 0.5% to 97.1%, mainly due to higher Nat Cat and other natural events in Europe, partly offset by a better claims experience in France and Belgium. Favorable prior year reserve developments were higher at - 2.1 points.

Net income decreased by 11% to Euro 2.8 billion, as the increase in adjusted earnings was more than offset by the impairment of intangible assets linked to the transformation of our Swiss Group Life business (Euro - 0.3 billion), as well as the negative impact from the change in the fair value of financial assets and derivatives, and exceptional charges linked to the IPO of AXA Equitable Holdings, Inc.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

WTW expanded its presence in Kazakhstan

Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.

2018-11-15

Lloyd's post-Brexit unit is established and operational

Lloyd's, the global insurance and reinsurance market, announced its post-Brexit unit - Lloyd's Brussels - is established and operational. "Lloyd's Brussels is Lloyd's first Europe wide operation and will bring Lloyd's expertise closer to its customers and partners in Europe".

2018-11-14

ALLIANZ' Q3 net profit increased by 23.6% to EUR 1.9 billion

German insurer ALLIANZ announced its total revenues increased by 7.9%, to EUR 30.5 billion in Q3 2018, while the operating profit grew by 20.6%, to EUR 3.0 billion. Overall, the net income attributable to shareholders was up by 23.6% to EUR 1.9 billion, "mainly driven by the increased operating profit".

2018-11-14

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all