(Reuters) — Axa, Europe’s second-biggest insurance company, Thursday posted nine-month sales that met analyst expectations, driven by higher premiums at its property/casualty division.
Axa confirmed it was on track to deliver on its full-year target of more than €7.5 billion euros in underlying earnings for 2023.
Sales in the period from January through September were up 2% on a comparable basis to €78.8 billion ($83.72 billion), the French insurer said in a statement, close to the €79 billion analyst consensus compiled by the company.
Group revenue benefited from a 7% hike on a comparable basis for the property/casualty.
The performance of the property/casualty unit helped offset a fall of 2% on a comparable basis of its life and health unit, dragged down by the loss of “two large legacy international group (health-related) contracts in France,” it said.
Axa’s Solvency II ratio, a key measure of its financial health, was down by 5 percentage points from the end of June to 230%, slightly below the analyst consensus of 231%, as the company repaid €1 billion worth of debt.
