AXA's Revenue Inches Higher, Buoyed by International Business
04 May 2016 - 3:04AM
Dow Jones News
By Inti Landauro
PARIS--French insurer AXA SA on Tuesday reported a 1% increase
in first-quarter revenue as the good performance of its
international insurance and property and casualty businesses offset
the poor performance of its asset-management unit.
Europe's second-largest insurer by market value said revenue
increased to 31.8 billion euros ($36.6 billion) in the three months
to the end of March from EUR31.5 billion a year ago. Analysts had
expected the French insurer to report EUR32.14 billion in revenue
in the first quarter, according to a Dow Jones poll.
AXA's earnings this year highlight the group's new strategy of
investing in fast-growing businesses and emerging markets to revive
growth amid persistently low interest rates and slow economic
growth in its domestic market. The company said its revenue from
asset management fell as the amount under management fell as did
the average fees due to a higher share of fixed-income
products.
Revenue at its life and savings division was down 0.6% at
EUR17.4 billion, while property and casualty revenue was 2% higher
at EUR11.7 billion.
Life and savings annual premium equivalent, known as APE, was up
16% at the end of March. APE measures new business growth for life
insurance 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 company said its solvency ratio--a key measure of an
insurance company's financial strength--stood at 200% at the end of
March, down from 205% a year ago.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
May 03, 2016 12:49 ET (16:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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