AXA 1Q Revenue Rose, Solvency Ratio Improved
By Joshua Kirby
AXA SA said Tuesday that revenue in the first quarter increased
on a comparable basis, driven by growth in the company's preferred
The French insurer posted revenue of 30.7 billion euros ($37.04
billion), up 2% on a comparable basis from the same period the
Revenue in the preferred-segments division came to EUR19.9
billion, up 3% on the same basis, with asset management seeing the
biggest increase at 17% on the year.
Annual premium equivalent came to EUR1.63 billion, down from
EUR1.71 billion the previous year. AXA's solvency II ratio --a key
measure of financial strength for insurance companies-- was 208% at
the end of the quarter, up 8 percentage points from the end of
U.S. subsidiary AXA XL delivered a revenue increase of 4% in the
quarter, thanks to price increases and underwriting discipline, the
company said. The business is set to meet its EUR1.2 billion
underlying earnings target for 2021, despite catastrophe costs from
the severe winter freeze in Texas.
Write to Joshua Kirby at firstname.lastname@example.org;
(END) Dow Jones Newswires
May 04, 2021 12:03 ET (16:03 GMT)
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