PARIS (Reuters) – AXA reported a slightly stronger-than-expected rise in first-half revenue on Thursday, driven in particular by growth in its property and casualty insurance and life and health insurance businesses.
Over the first six months of the year, the French insurer recorded gross written premiums and other revenues of 59.9 billion euros, up 7% over a year, above analysts’ expectations, who were counting on a median result of 59.4 billion euros in a consensus compiled by AXA.
In a press release, the group indicates that this performance was driven by a 7% increase in property and casualty insurance revenues, “supported by growth in corporate insurance”. In life and health insurance, premiums are also up 7%, AXA specifies.
Operating profit rose 4% to 4.2 billion euros while AXA’s solvency ratio, a key measure of its financial health, stood at 227% at the end of June.
The insurer, which also announced on Thursday the acquisition of the Italian Gruppo Nobis, as well as a separate agreement with BNP Paribas concerning the sale of AXA Investment Managers and the conclusion of a more global agreement with the French bank, confirmed its ability to achieve the annual objectives set in its strategic plan.
(Written by Augustin Turpin, edited by Camille Raynaud)
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