Axa's Nine-Month Performance Driven by Property and Casualty Segment

By Giulia Petroni

AXA said gross written premiums and other revenue rose slightly in the first nine months of the year, boosted by the property and casualty business, and that it is on track to meet its full-year earnings target.

The French insurer said Thursday that gross written premiums and other revenue came in at 78.76 billion euros ($83.25 billion) in the period, up 1% on year from EUR78.02 billion the year earlier. On a comparable basis, the figure was up 2%.

Revenue at AXA's property and casualty business rose 5%, while the life-and-health and asset-management segments both registered a 3% decline.

AXA said it expects to meet its underlying earnings target of more than EUR7.5 billion for the year. It expects some headwinds from higher health claims frequency in the U.K., elevated lapses in Italy, and natural catastrophe activity in the third quarter.

Total debt at year end is expected to remain broadly stable compared with last year, the company said.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

November 02, 2023 13:10 ET (17:10 GMT)

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