Revenues up slightly, a stable net profit: the first French insurer Axa published half-year results on Thursday close to those of last year, specifying that its bill for the riots amounted to 125 million euros.
Turnover increased slightly between January and June, by 2% over one year, to 55.7 billion euros, helped by a rise in non-life insurance rates. Net profit was stable at 3.8 billion euros.
During the first six months of the year, Axa achieved a very good performance which testifies to the good implementation of the strategy and the relevance of the business model, declared during a telephone conference the deputy general manager Frederick de Courtois.
The damage linked to urban violence in France which followed the death of a teenager killed on June 27 by a police officer cost the insurer 125 million euros, taken into account in the results for the first half.
They represent for him some 1,500 files, 90% of which are claims with businesses and professionals.
Overall, non-life insurance still represents more than half of Axa’s business, with total revenue of 30.4 billion euros in the first half (+7%), after the application as in the whole the results release of a restatement of 2022 results according to new accounting standards in force since January 1.
This increase is closer to an increase in prices this year, around 4.4% for business customers and 6.3% for individuals, particularly in cars.
The rise in prices is due to inflation and the rise in reinsurance premiums, said Mr. de Courtois.
The expense related to natural disasters was lower than expected, particularly in Europe.
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The life, savings, retirement and health business fell by 3% to 24.5 billion euros, particularly in France.
In savings, sales decreased both in the euro fund in line with the group’s strategy and for unit-linked products due to difficult market conditions, the statement said.
The health branch suffered the impact of two terminations of international contracts. But it should regain color with the acquisition, from a subsidiary of the American insurer AIG, of the Irish Laya Healthcare Limited, for an amount of 650 million euros, announced Thursday in parallel with the results.
The group now expects to exceed its operating profit target of 7.5 billion euros this year.
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