ZCZC
BCN-42
FRANCE-INSURANCE-EARNINGS-AXA
Underlying profit gains escape the net at insurer AXA
PARIS, Aug 2, 2018 (BSS/AFP) – Restructuring charges at AXA, one of the
world’s leading insurance firms, helped depress net profits in the first half
of the year although on an operating basis its performance improved.
Over the first six months of the year net profits slid 14 percent to 2.8
billion euros ($3.3 billion), which was slightly below the average figure
forecast by analysts surveyed by financial data firm Factset.
The drop was primarily due to exceptional items, in particular a charge of
340 million euros at its Swiss group life business.
But on an operational basis, profits climbed 4 percent. Corrected for
currency effects, the gain rises to 9 percent.
“AXA delivered a very strong operating performance in the first half of
2018, with a six percent increase in underlying earnings per share,” said
chief executive Thomas Buberl.
He said this was close to the target the firm set itself in a programme
launched in 2016 which aims to reduce reliance on life insurance and develop
in the more profitable health and business property damage segments.
Revenues at the health segment rose by 7 percent.
Overall revenues dipped by 1 percent to 53.6 billion euros, although when
stripped of currency effects they rose 3 percent.
BSS/HR/1355