AXA 1Q Revenue Rose on AXA XL, Europe Growth
May 02 2019 - 12:17PM
Dow Jones News
By Cristina Roca
AXA SA (CS.FR) said Thursday that its first-quarter revenue
rose, driven by its AXA XL division and its growth in Europe.
Revenue for the quarter was 35 billion euros ($39.3 billion), up
14% from EUR30.8 billion for the same period a year earlier, the
French insurer said.
On a comparable basis, revenue grew 2.7%, AXA said.
The company said that strong growth in both property and
casualty insurance and specialty units was partly offset by lower
volumes in its reinsurance unit. AXA XL and the Europe region were
the main growth drivers of the quarter, AXA said.
Annual premium equivalent fell 4.8% in the period on a reported
basis. 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. On a comparable
basis, APE inched 0.2% higher, AXA said.
AXA's solvency II ratio--a key measure of financial strength for
insurance companies--was 190% compared to 193% at the end of
2018.
In a conference call, AXA Chief Financial Officer Gerald Harlin
backed the company's 2020 view.
Write to Cristina Roca at cristina.roca@dowjones.com
(END) Dow Jones Newswires
May 02, 2019 12:02 ET (16:02 GMT)
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