AXA News

Zurich Insurance Reports Record Profit, Announces $1.25B Share Buyback

Zurich Insurance posted a better-than-expected annual operating profit on Thursday and announced a share buyback of up to 1.1 billion Swiss francs ($1.25 billion), as insurers ride out the impact of a global pandemic, wars and climate disasters. Operating profit …

AXA’s 2023 Earnings Miss Forecasts on Higher Costs, Lifts Dividend 16%

France’s AXA, Europe’s second-biggest insurer, pledged on Thursday to deliver higher earnings and returns to shareholders by 2026 by growing its client base, automating processes and reducing labor costs. The new three-year plan, dubbed “Unlock the Future” — Thomas Buberl’s …

AXA’s CEO Buberl Wants to ‘Scale Up’ Corporate Business

AXA SA’s Chief Executive Officer Thomas Buberl says he intends to “scale up” the firm’s business insuring corporate risks in the next phase of the firm’s growth. “In a highly volatile and highly unpredictable environment it is important to take …

Markets/Coverages: Insurtech BOXX Partners With AXA to Offer Cyber Risk Mitigation for Small Businesses

BOXX Insurance, the Toronto-based cyber insurtech and managing general agent, has announced the launch of a cyber risk mitigation solution in collaboration with AXA, aimed at providing crucial support to small businesses. Recognizing the critical need for comprehensive protection against …

AXA Weighs $1.1B Disposal of European Protection Insurance Businesses: Sources

AXA is considering selling some of its protection insurance businesses across Western Europe in a deal that could be worth up to 1 billion euros ($1.1 billion), two people close to the matter told Reuters. The French insurance group has …

Threat of Haywire Artificial Intelligence Prompts Calls for Development Pause, AXA Says

Governments are ill-prepared for the hazards brought on by artificial intelligence and development should be paused, according to a new survey of risk specialists by insurance company AXA SA. Only 7% of almost 3,500 risk experts from 50 countries said …

Billion-Dollar Satellite Risks Upending Space Insurance

Viasat Inc. has more than $1 billion of orbiting satellites in trouble, and space insurers are girding for market-rattling claims. The company’s roughly $1 billion ViaSat-3 Americas satellite, central to expanding its fixed-broadband coverage and fending off rivals including Elon …

AXA’s Asset Management Unit to Cut as Many as 90 Roles in Revamp

AXA Investment Managers is eliminating as many as 90 roles as the French firm aims to streamline part of the organization. The layoffs at AXA SA’s asset management arm, which had 2,600 employees at the end of 2022, will be …

AXA Agrees to Purchase Laya Healthcare From AIG for €650 Million

AXA announced it has entered into an agreement to acquire Laya Healthcare Ltd. from Corebridge Financial Inc., a subsidiary of AIG. Laya has a leading position in the Irish health market with approximately a 28% market share, serving close to …

AIG, AXA Weighing Sales of UK Businesses: Sources

Two of the world’s largest insurers are weighing the sale of businesses in the United Kingdom, according to people familiar with the matter. American International Group Inc. is working with advisers to explore a sale of its life-insurance unit in …