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The insurer Axa achieved a turnover of 75.8 billion euros over nine months, a slight increase of 0.6% over one year and 3.7% like-for-like, due to a exchange rate effect related to the group's activities, particularly in the United States and in Asia. Life insurance, retirement, savings (+ 4%) and health (+ 7%) pulled the activity of the French group, the number two insurance in Europe after Allianz. On the other hand, property and casualty insurance shows a decline in sales to individuals and remains stable on companies, according to the figures of the release.
"Growth has accelerated in the third quarter," said a conference call by Gérald Harlin, Axa's CFO, highlighting the performance of operations in Europe, particularly in France.
On this occasion, he confirmed the financial objectives of the 2020 strategic plan.
In badet management, despite a € 5 billion outflow, revenues increased by 4% thanks to higher commissions.
Natural disasters in series
The integration of the XL group, whose acquisition was announced in March, is only effective October 1st. Axa warned that the damage caused by Hurricane Michael in October in the United States and supported by XL would result, in a preliminary estimate, in a pre-tax charge and net reinsurance of around € 200 million in the 2018 accounts of Axa.
"This is about double the level of natural disaster-related costs typically seen in the fourth quarter," said Axa's CFO, saying the impact was "non-material" across the group.
Other natural disasters occurred in the third quarter, including Typhoon Mangkhut in Hong Kong, Typhoon Jebi in Japan, Hurricane Florence in the United States, Typhoon Trami in Japan, and storms in North America: Axa estimates the amount of claims to "approximately 300 million euros before tax and net of reinsuranceHere again, the total cost of these events is of the order ofdouble the level of natural disaster-related costs typically observed in a third quarter. "
Since the beginning of the year, the Axa share has lost 11% of its value, more than three times more than the European index of insurance
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