AXA First-Half Net Profit Falls
August 02 2018 - 1:44AM
Dow Jones News
By Pietro Lombardi
AXA SA (CS.FR) said Thursday that first-half net profit fell
after the company was hit by exceptional charges related to the
initial public offering of AXA Equitable Holdings Inc. (EQH), a
change in the fair value of financial assets and derivatives, and
impairment of intangible assets related to its Swiss Group Life
business.
The French insurer said net profit for the period fell 14%
compared with a year earlier to 2.80 billion euros ($3.27
billion).
Revenue was EUR53.60 billion, down from EUR54.28 billion a year
earlier. At constant exchange rate, revenue increased 3% on the
year, the company said.
AXA said that adjusted earnings rose around 4% to EUR3.63
billion.
Annual premium equivalent, known as APE, was up 8%, AXA said.
APE is a measure of new business growth.
"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," Chief
Executive Thomas Buberl said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 02, 2018 01:29 ET (05:29 GMT)
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