AXA: REVENUES UP 2% IN Q1, CONFIDENCE FOR THE 2023 HORIZON
PARIS (Reuters) – Axa on Thursday reported a 2% increase in turnover in the first quarter, the French insurer’s activities in the field of health and damage having compensated for the decline in income from savings and life insurance.
The group said it was confident in its ability to achieve the objectives of its 2023 plan despite the geopolitical repercussions of the conflict between Russia and Ukraine.
Speaking to reporters, the group’s chief financial officer said it was too early to provide an accurate estimate of the impact of the Ukraine crisis.
Alban de Mailly Nesle indicated that Axa expected at this stage that “the net underwriting loss linked to the crisis is similar to a medium-sized natural disaster”.
In February, Europe’s second-largest insurer behind Allianz raised its financial targets, after more than doubling its profit in 2021, saying it expected average earnings per share growth at the top of the target range of 3% – 7% by 2023.
Axa also said it expected to exceed its target of 14 billion euros in cumulative cash.
(Report Matthieu Protard; French version Jean Terzian, edited by Sophie Louet)