(Reuters) – France’s AXA, Europe’s second-biggest insurer, posted on Wednesday a 7% increase in sales for the first nine months, in line with expectations, with improved customer retention and market share in some segments.
AXA said it is confident of achieving underlying earnings
per share growth in 2024 in line with its 6%-8% annual growth rate target.
Its gross written premiums and other revenues for the first three quarters came at 84.0 billion euros ($91.27 billion), slightly below the company-compiled consensus of 84.14 billion.
Sales of AXA’s so-called commercial lines, or insurance policies for companies, were up 7%, driven by higher volumes and “disciplined” pricing. Its home and motor insurance for individuals were up 6%.
AXA’s solvency II ratio, a measure of its capital strength under the European Union’s risk-measurement rules for insurers, stood at 221%, down 6 points in comparison to June 30, and below the 224% expected by analysts.
AXA said it currently estimates its combined losses from Hurricane Helene and Hurricane Milton to be below 200 million euros before tax and net of reinsurance.
It also confirmed its natural catastrophe load of about 4.5 points of combined ratio for the year.
Asked about the sale of AXA IM to BNP Paribas, Chief Financial Officer Alban de Mailly Nesle said AXA still expects the transaction to be completed at the end of June or early July.
($1 = 0.9203 euros)
(Reporting by Michal Aleksandrowicz; Editing by Elaine Hardcastle)
