AXA’s CEO Henri de Castries announced that the Paris-based financial services and insurance Group’s revenues had “increased by 34 percent in the first quarter of the year.”
AXA profited, not only from organic growth in its three main activities – life & savings, P/C insurance and investment management – but also from the successful integration of the Winterthur entities it acquired from Credit Suisse last tear for around $10 billion (See IJ web site June 14, 2006).
Revenue highlights included the following:
— Life & Savings Life and Savings new business volume (APE) up 13 percent, or 33 percent on a reported basis, to €2.099 billion ($2.83 billion.
— Property & Casualty revenues increased by 3 percent, or 42 percent on a reported basis, to €8.786 billion ($11.84 billion). Personal lines were up 5 percent with strong contributions from the UK & Ireland and Southern Europe. Commercial lines were up 1 percent, mainly driven by France and Switzerland. Growth also stemmed from fast growing markets, with Turkey up 22 percent, Morocco up 21 percent and Asia up 14 percent.
— Asset Management revenues increased by 22 percent or 15 percent on a reported basis, to €1.15 billion ($1.55 billion) driven by higher average assets under management (+19 percent compared to 1Q06) as well as a favorable mix evolution.
The full report and additional commentary is available on the Group’s web site at: http://www.axa.com, in French and English.
Topics Trends Profit Loss AXA XL
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
Hartford Q1 Income Up 41% on Commercial Lines as Auto Results Improve 
Here’s Why Experts Don’t Think Cloud Seeding Caused Dubai Flooding 
Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M 
