AXA 1Q Revenue Rose on AXA XL, Europe Growth

   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 [e-mail]

(END) Dow Jones Newswires

May 02, 2019 12:02 ET (16:02 GMT)

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