AXA posted a €3.3 billion net income for the second half of 2017, thanks to higher adjusted earnings (€3.5 billion), a favourable change in the fair value of financial assets and lower restructuring costs.
While life & savings revenues were down 1%, property & casualty (P&C) revenues were up 1% and asset management revenues were up 6%.
“AXA delivered another strong performance in the first half of 2017 with underlying earnings per share growth of 5%, illustrating the strength of our fundamentals and the pertinence of our strategic plan, Ambition 2020,” said AXA chief executive Thomas Buberl.
He added that AXA continued to implement its efficiency strategy across the group and is well on track to achieve the firm’s cost savings target. AXA has delivered €0.5 billion in cost savings since the launch of Ambition 2020.
Buberl announced: “We maintained our discipline in writing profitable business, as emphasised by our strong NBV margin in life & savings and by our growth in more profitable non-motor business in P&C commercial lines. Health and unit-linked businesses were particularly dynamic with topline growth of 6% and 11% respectively.”
In the UK, AXA has its commercial lines and healthcare businesses to thank for a strong showing in the first half of 2017. The commercial lines business grew 7.5% to £690 million, while healthcare revenues were up 6.7% to £885 million.
Amanda Blanc, Group CEO, AXA UK and Ireland, commented: “We have performed particularly well in commercial lines and healthcare in line with AXA Group’s strategic priorities. In commercial, this has been driven by management of the discount rate impact, double digit growth in online SME, and continued successful expansion into the mid-market space.”
The AXA Group has 165,000 employees serving 107 million clients in 64 countries. In the UK, AXA employs around 10,000 people.
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