CS Axa

   By Pietro Lombardi 
 

AXA SA's (CS.FR) nine-month revenue rose 0.6%, supported by growth across its business lines, it said Tuesday.

The French insurer reported revenue of 75.8 billion euros ($86.4 billion) in the first nine months of the year, compared with EUR75.4 billion in the same period last year. On a comparable basis, revenue rose 3.7%, it said.

Annual premium equivalent, known as APE, rose 9% in the period. APE measures new business growth 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.

"We grew in all five of our geographies and across all business lines," Chief Financial Officer Gerald Harlin said.

AXA's $15.3 billion acquisition of insurer XL Group that AXA completed in September hit the French insurer's solvency II ratio--a key measure of financial strength for insurance companies--which fell to 195% at the end of September, down from 233% in June.

The ratio, which includes the contribution of the XL Group, is "well within our guidance," the CFO said.

The decline in the ratio comes as "the effect of the closing of the XL Group acquisition was partly offset by the positive impact from the purchase during the quarter, of additional equity hedges and a strong operating return net of accrued dividend for the quarter," the company said.

"AXA delivered a strong performance in the first nine months of 2018, illustrating the strength of our operations and the pertinence of our simplified operating model," Mr. Harlin added.

Olivia Bugault contributed to this story

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

November 06, 2018 12:07 ET (17:07 GMT)

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