AXA 9-Month Revenue Fell; Confirms Impact Estimates From Coronavirus-Related Claims

   By Mauro Orru

AXA SA said Tuesday that revenue for the first nine months of the year fell and confirmed its estimates for the impact on 2020 underlying earnings from coronavirus-related property and casualty claims and solidarity measures.

The French insurance giant said revenue for the period fell to 73.39 billion euros ($85.41 billion) compared with EUR79.68 billion in the first nine months of 2019.

Annual premium equivalent, known as APE, rose 1% to EUR3.92 billion. APE measures new business growth 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.

AXA's solvency II ratio--a key measure of financial strength for insurance companies--was 180% at Sept. 30, remaining stable from the end of June.

"AXA expects only a limited impact on claims from the current second wave of lockdowns and has reaffirmed today its current best estimate of EUR1.5 billion Covid-19 claims for 2020," said Chief Executive Thomas Buberl.

The company said the estimated impact of EUR1.5 billion on 2020 underlying earnings from coronavirus-related property and casualty claims and solidarity measures is after-tax and net of reinsurance.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 03, 2020 12:03 ET (17:03 GMT)

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