France’s AXA Group joined the growing parade of big insurance companies who had a banner year in 2006. The financial services and insurance giant posted gains in all of its principal activities.
Life & Savings entities recorded strong growth with new business volume up 15 percent to €6.234 billion ($8.07 billion), “driven by France and the US both up 14 percent, the UK up 38 percent, and Japan up 16 percent,” said the bulletin.
In the P/C sector revenues increased by 4 percent to €19.793 billion ($25.6 billion). AXA said: “Personal lines were up 5 percent resulting from a combination of strong resilience in most European countries and positive momentum elsewhere. Commercial lines were up 4 percent, mainly driven by France, the UK and Belgium. Personal Motor and Household net new inflows were up strongly compared to 2005, reaching 939,000 contracts and 231,000 contracts, respectively.”
Asset Management revenues increased by 29 percent to €4.406 billion ($5.7 billion), “driven by higher average Assets under Management (AUM) (+17 percent), as a result of very strong net inflows (€73 billion [$94.5 billion]) and favorable equity market conditions, combined with a favorable business mix evolution for both AllianceBernstein and AXA Investment Managers,” said the announcement.
International Insurance revenues were up 7 percent to €3.716 billion ($4.8 billion), “driven by AXA Corporate Solutions Assurance.”
Henri de Castries, Chairman of the AXA Management Board, commented: “Our performance in 2006 demonstrates once again that AXA, acting on the structurally growing Financial Protection market, is capable of meeting its long-term top-line growth targets. All our business segments are contributing to this growth and I am particularly satisfied to note that this volume expansion is accompanied by continuing improvement of our business mix, notably in Life & Savings and Asset Management.”
The full report and additional information may bet obtained on the Group’s web site at: www.axa.com.
Topics Profit Loss AXA XL
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