One of the biggest global insurers has announced a marginal increase in revenue for the first nine months of 2016.
Industry heavyweight AXA said on Thursday that its group revenue from January to September stood at €75.7 billion (more than £67 billion), up by 0.1% from the same period last year.
The French giant said stronger property and casualty premiums helped offset weakness in its life insurance and asset management businesses.
Revenues from the life and savings units were down 1% but those from the property and casualty segment climbed by 3%. International insurance revenues also increased by 3%.
“AXA continued to deliver disciplined growth during the first nine months of 2016, in line with the priorities of our new Ambition 2020 plan,” said CEO Thomas Buberl.
“Life and savings business recorded strong net inflows in protection and health… property and casualty revenues continued to grow, in both personal and commercial lines, benefitting from our strong market positions in key geographies,” Buberl added.
The company’s Solvency II ratio – a measure of its capital strength – slipped from 196% in June to 191% in September. AXA cited the negative impact of new capital rules introduced this quarter by regulator, the European Insurance and Occupational Pensions Authority.
“Our balance sheet strength has been demonstrated once more by our resilient Solvency II ratio, well within our target range,” Buberl said.
Related stories:
AXA completes sale of SunLife and Elevate businesses
AXA catches fraudsters who claimed for armed robbery
