AXA CFO Says Euro’s Decline Against Dollar to Help Earnings

By | October 24, 2014

AXA SA’s Chief Financial Officer Gerald Harlin said the euro’s decline against the dollar should help earnings in coming quarters as France’s largest insurer posted nine-month sales that were little changed.

Sales during first nine months of the year were 69.6 billion euros ($88 billion) compared with 69.5 billion euros in the same period in 2013, Paris-based AXA said in a statement. Like-for-like sales, which exclude currency swings, rose 2 percent, the insurer said.

The euro fell about 8 percent against the dollar in the third quarter. That should be “a good thing” for AXA’s earnings and balance sheet in coming quarters, Harlin told reporters on a conference call. He didn’t elaborate further.

AXA’s property & casualty sales rose 3 percent from the year-earlier period to about 23.2 billion euros. Life and savings revenue fell 1 percent to 41.1 billion euros.

Inflows into AXA’s asset-management units rose to 16.3 billion euros in the first nine months from 6 billion euros in the year-earlier period.

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