AXA 2019 Net Profit, Revenue Rose
20 Febbraio 2020 - 7:36AM
Dow Jones News
By Cristina Roca
AXA SA said Thursday that its earnings rose strongly in 2019
while revenue ticked higher thanks to growth in all business areas,
and it increased its dividend.
Net profit rose to 3.86 billion euros ($4.17 billion) from
EUR2.14 billion the year before, the French insurer said. Analysts
had seen net profit at EUR4.35 billion, according to a consensus
estimate by FactSet. The big jump in net profit is partly due to a
large impairment booked the year before, AXA said.
Revenue for the year rose 1% to EUR103.53 billion thanks to a
revenue increase at all the insurer's business lines. At constant
exchange rates, revenue grew 5%, AXA said.
Annual premium equivalent, known as APE, was stable for 2019 on
a comparable basis. APE measures new business growth by combining
the value of payments on new regular premium policies, and 10% of
the value of payments made on one-time, single-premium
products.
The French insurer's solvency II ratio--a key measure of
financial strength for insurance companies--was 198%, up from 193%
at the end of 2018.
AXA proposed a dividend of EUR1.43 a share, up from EUR1.34 a
share the year previous.
The earnings of the insurer's AXA XL business were hit by
higher-than-normal levels of natural-catastrophe charges in 2019.
The company said it has taken steps to reduce AXA XL's earnings
volatility, and that it expects them to result in a EUR200 million
hit to the unit's earnings in 2020. Underlying earnings for AXA XL
should be around EUR1.2 billion in 2020, the company said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
February 20, 2020 01:21 ET (06:21 GMT)
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