AXA Revenue Nearly Flat in 1Q
May 10 2017 - 1:39AM
Dow Jones News
By Noemie Bisserbe
PARIS--French insurer AXA SA (CS.FR) said Wednesday revenue was
nearly flat in the first quarter as a strong asset management and
property and casualty business offset lower life and savings
revenue.
Europe's second-largest insurer by market value said revenue
declined 0.1% to 31.6 billion euros ($34.4 billion) from EUR31.7
billion a year earlier.
Analysts had expected the French insurer to report EUR32.47
billion in revenue in the first quarter, according to data provider
FactSet.
Life and savings annual premium equivalent, known as APE, was up
1% at the end of March. APE measures new business growth for life
insurance 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 company said its solvency ratio--a key measure of an
insurance company's financial strength--stood at 196% at the end of
March, down from 197% in December.
-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com
(END) Dow Jones Newswires
May 10, 2017 01:24 ET (05:24 GMT)
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