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AXA'S NINE-MONTH REVENUE UP 7%, ON TRACK TO MEET ANNUAL TARGET

By Reuters
October 30, 202410:50 PM GMT+1Updated 16 hours ago
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The logo of insurer and bank AXA Belgium S.A. is seen in Brussels, Belgium
February 25, 2023. REUTERS/Yves Herman/File Photo Purchase Licensing Rights,
opens new tab
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Oct 30 (Reuters) - France's AXA (AXAF.PA), opens new tab, Europe's
second-biggest insurer, posted on Wednesday a 7% increase in sales for the first
nine months, in line with expectations, with improved customer retention and
market share in some segments.
AXA said it is confident of achieving underlying earnings
per share growth in 2024 in line with its 6%-8% annual growth rate target.
Its gross written premiums and other revenues for the first three quarters came
at 84.0 billion euros ($91.27 billion), slightly below the company-compiled
consensus of 84.14 billion.
Advertisement · Scroll to continue

Sales of AXA's so-called commercial lines, or insurance policies for companies,
were up 7%, driven by higher volumes and "disciplined" pricing. Its home and
motor insurance for individuals were up 6%.
AXA's solvency II ratio, a measure of its capital strength under the European
Union's risk-measurement rules for insurers, stood at 221%, down 6 points in
comparison to June 30, and below the 224% expected by analysts.
Advertisement · Scroll to continue

AXA said it currently estimates its combined losses from Hurricane Helene and
Hurricane Milton to be below 200 million euros before tax and net of
reinsurance.
It also confirmed its natural catastrophe load of about 4.5 points of combined
ratio for the year.
Asked about the sale of AXA IM to BNP Paribas (BNPP.PA), opens new tab, Chief
Financial Officer Alban de Mailly Nesle said AXA still expects the transaction
to be completed at the end of June or early July.

($1 = 0.9203 euros)


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Reporting by Michal Aleksandrowicz; Editing by Elaine Hardcastle

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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