France’s AXA reported that global consolidated revenues for the first nine months of the year totaled €55.539 billion ($49.429 billion), a 2.5 percent increase over last year’s comparable figures, despite a marked slowdown in the U.S. during the third quarter.
Property and casualty revenues, which account for 22 percent of AXA’s total, experienced strong growth, up 3.2 percent to €12.348 billion ($10.989 billion) and international insurance revenues, which accounts for 8 percent of AXA’s total, rose by 34.6 percent to €4.404 billion ($ 3.919 billion). By contrast the sale of equity-linked products, which AXA CEO Henri de Castries indicated had been the company’s “main source of growth in recent years” declined during the period,which was “accentuated by the tragic WTC events.”
Revenues in the financial services sector declined by 73 percent, largely due to the sale of AXA’s investment banking unit, Donaldson, Lufkin & Jenrette, to Credit Suisse First Boston last year.
Most of AXA’s revenues are generated in Europe. Its North American activities, are still significant, however. Sales of life insurance and related products in the U.S. dropped 12.1 percent to € 8.467 billion ($7.535 billion), while p/c sales showed a 4.4 percent rise to € 526 million ($468 million for the period.
AXA’s announcement indicated it was responding to a difficult time for the insurance industry by introducing new products and continuing its diversification strategy. It expects to achieve further revenue growth, particularly in property/casualty sales and the reinsurance market due to increased demands and rising rates.
Topics USA Profit Loss Property Casualty AXA XL
Was this article valuable?
Here are more articles you may enjoy.
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
