France’s AXA Group reported gross revenue increases in all of its business activities for the first 9 months of 2005.
Highlights cited by the company in the report included the following:
— Life & Savings new business increased by 8 percent to €3.77 billion ($4.45 billion) driven by most of our major operations. New business growth accelerated in the third quarter of 2005 (approximately +10 percent), notably in Japan, the United Kingdom, Belgium, Hong-Kong, the United States and Australia. Unit-linked new business increased by 17 percent.
— Life & Savings New Business Value (NBV) was up 18 percent to €652 million ($768 million), driven by most of our major operations, notably France, the US, Belgium, Southern Europe, Australia and Japan. As a result, NBV margin increased to 17.3 percent (or 17.9 percent on a comparable basis) from 16.3 percent in the first nine months of 2004.
— Property & Casualty revenues increased by 3 percent to €14.677 billion ($17.3 billion), as Personal lines were up 3 percent, benefiting from a resilient pricing environment and moderate portfolio growth, and Commercial lines were up 1 percent.
— International Insurance revenues increased by 10 percent to €3.183 billion ($3.75 billion). The 13 percent increase at AXA RE was due to the non-recurrence of some 2004 negative premium adjustments, increased reinstatement premiums linked to 2005 major events and selected development in lines with favorable pricing conditions. AXA Corporate Solutions Assurance was up 5 percent, driven by Marine and Aviation.
— Asset Management revenues increased by 10 percent to €2.404 billion ($2.84 billion) driven by higher average Assets Under Management (AUM) (+16 percent compared to the first 9 months of 2004). Both AXA IM and Alliance Capital contributed to very strong net inflows of €42 billion ($49.5 billion), excluding the impact of the sale of Alliance Capital Cash Management Services. Over the third quarter of 2005 alone, revenue growth accelerated to approximately +13 percent.
CEO Henri de Castries commented: “Once again, the global reach of our organization, associated with strong diversification, is enabling the Group to seize growth where it exists.”
The full report may be obtained on the company’s Website at: http://www.axa.com.
Topics AXA XL
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