NEWS
France’s AXA Q1 sales rise 2% as property policy demand grows
Published On :
France’s AXA Q1 sales rise 2% as property policy demand grows
PARIS (Reuters) -AXA, Europe’s second-biggest insurance company, said first quarter sales rose 2% from the same period a year earlier, as growth of its property and casualty policies offset a fall in revenue from savings products in France and Italy.
Group revenue over the three-month period ending in March amounted to 31.8 billion euros ($35.01 billion), up from 31.2 billion euros, the French insurer said in a statement.
First-quarter revenue from property and casualty policies were up 5%, while life insurance policies fell, dragged down by a 9% drop from lower premiums in savings-related products.
The French insurer said it expected to yield more than 7.5 billion euros in underlying earnings this year, up from 6.1 billion euros in 2022, under new restated 2022 figures after the implementation of a new set of accounting standards.
The group’s solvency II ratio – a measure of its capital strength under the EU risk-measurement rules for insurers – stood at 217% at end-March, up 2 percentage points versus end-2022, driven by strong operational return.
AXA confirmed its 2023 financial targets.
($1 = 0.9084 euros)
(Reporting by Mathieu Rosemain and Matthieu Protard;Editing by Sudip Kar-Gupta and Kim Coghill)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.
-
-
NEWS4 days ago
Novartis to pay Monte Rosa $150 million upfront to develop a new class of drugs
-
-
-
TECHNOLOGY4 days ago
Volkswagen’s Traton reports higher sales in weak truck market
-
-
-
BUSINESS4 days ago
Covestro trims 2024 profit target again in a tough economy
-
-
-
BUSINESS4 days ago
Ericsson signs 5G ORAN deal with Spain’s MasOrange
-