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 segments.

The French insurer posted revenue of 30.7 billion euros ($37.04 billion), up 2% on a comparable basis from the same period the previous year.

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 2020.

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 joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

May 04, 2021 12:03 ET (16:03 GMT)

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