AXA 1st Half Net Profit Fell
August 01 2019 - 1:38AM
Dow Jones News
By Pietro Lombardi
AXA SA (CS.FR) said Thursday that first-half net profit fell
17%, missing expectations, as the impact of the deconsolidation of
U.S. life-insurance business AXA Equitable Holdings Inc. (EQH) and
the change in fair value of derivatives more than offset growing
revenue.
Net profit for the period declined to 2.33 billion euros ($2.59
billion), the French insurance giant said.
Revenue rose 8% to EUR57.95 billion.
Analysts had expected net profit of EUR2.83 billion on revenue
of EUR56.15 billion, according to a consensus forecast provided by
FactSet.
Underlying earnings grew 10% on year, AXA said.
Annual premium equivalent, known as APE, rose 2%. 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.
The French insurer's solvency II ratio--a key measure of
financial strength for insurance companies--was 190%.
"AXA continued to deliver strong operating performance," Chief
Executive Thomas Buberl said.
"AXA's earnings benefited from a virtuous double dynamic, both
growing volumes and improving profitability across all our
geographies and preferred segments."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 01, 2019 01:23 ET (05:23 GMT)
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