AXA 2016 Net Profit Rises 4%
February 23 2017 - 1:32AM
Dow Jones News
By Noemie Bisserbe
PARIS--French insurer AXA SA (CS.FR) on Thursday reported a 4%
rise in net profit in 2016, as a strong life and savings business
offset lower asset management revenue.
Europe's second-largest insurer by market value said net profit
increased to 5.83 billion euros ($6.16 billion) in 2016 from
EUR5.62 billion a year earlier. That was just below analysts'
estimate of EUR5.84 billion, according to data provider
FactSet.
Revenue rose 2% at EUR100.19 billion.
AXA's earnings this year highlight the group's strategy of
investing in fast-growing businesses and emerging markets to revive
growth amid persistently low interest rates.
Revenue at its life and savings division was up 2% at EUR60.3
billion, while asset management revenue fell 3% to EUR3.71 billion.
Property and casualty revenue was 3% higher at EUR35.6 billion.
Life and savings annual premium equivalent, known as APE, was up
2% at the end of December. APE measures new business growth for
life insurance by combining the value of payments on new regular
premium policies, and 10% of the value of payments made on
one-time, single-premium products.
The company said its solvency ratio--a key measure of an
insurance company's financial strength--stood at 197% at the end of
December, down from 205% a year earlier.
The company's board proposed a dividend of EUR1.16, up from
EUR1.1 last year.
Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
February 23, 2017 01:17 ET (06:17 GMT)
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