AXA H1 net income up 1% to EUR 3.3 billion
AXA reported a 1% increase in net income for 1H2017 to EUR 3.3 billion, mainly driven by higher adjusted earnings (EUR 3.5 billion, up by 3%), a favourable change in the fair value of financial assets and lower restructuring costs.
Other H1 qualitative indicators underlined by the French insurer refer to Life & Savings NBV (New Business Value) margin - which increased from 39.7% to 40.1%, Property & Casualty all-year combined ratio - which improved by 0.3 pt to 96.1%, while the Solvency II ratio was at 201%, up 4 points vs. the FY 2016 value.
AXA said its aggregate 1H 2017 revenues amounted EUR 54.2 billion, up by 0.5% y-o-y. By business lines, the Life & Savings segment generated revenues of EUR 31.1 billion (down by 1% y-o-y), while Property & Casualty revenues totalled EUR 21 billion vs. EUR 20.9 billion in 1H 2016. At the same time, Asset Management revenues totalled EUR 1.9 billion (up by 6% y-o-y), while the Banking revenues were down by 16% to EUR 240 million.
"We maintained our discipline in writing profitable business, as emphasized by our strong NBV margin in Life & Savings and by our growth in more profitable non-motor business in P&C Commercial lines. Health and Unit-Linked businesses were particularly dynamic with topline growth of 6% and 11% respectively", said Thomas BUBERL, Chief Executive Officer of AXA.
"We made substantial progress in improving our technical profitability in Property & Casualty. We continued to implement our efficiency strategy across the Group and are well on track to achieve our cost savings target".
"AXA's balance sheet strength has been highlighted once more by our strong solvency II ratio at 201%".
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Author: Vlad BOLDIJAR
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