AXA Nine-Month Revenue Ticks Up; Flags $395 Million in Hurricane Ian Losses

By Ed Frankl

AXA SA said Wednesday that its third-quarter revenue rose slightly, helped by its commercial lines and health insurance segments, as it put estimated claims from Hurricane Ian at just under $400 million.

Total gross revenue came to 78.37 billion euros ($77.38 billion) in the nine months to the end of September, slightly up from EUR75.97 billion in the same period of 2021, the French insurer said.

Quarterly revenue rose at its property & casualty and health segments by 6% and 14%, respectively, but fell at its life & savings business by 5%, on a reported basis.

Its P&C business was helped by commercial lines insurance revenues from higher prices, though that was partly offset as it reduced its exposure to some natural-catastrophe exposure, AXA said.

Meanwhile, the company said it estimated claims from Hurricane Ian, which struck Florida and neighboring states in September, of around EUR400 million, equivalent to $395 million, gross of tax and net of insurance.

The company's Chief Financial Officer Alban de Mailly Nesle said it was estimated to be one of the costliest hurricanes in the U.S. and that its market share of claims from Ian to be around 0.7% out of industry losses of $60 billion.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

November 02, 2022 13:04 ET (17:04 GMT)

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