AXA FY Profit Down - Quick Facts

AXA (AXAHY.PK) reported that its net income for fiscal year 2020 declined 18 percent to 3.16 billion euros from 3.86 billion euros last year.

The Group's underlying earnings were 4.3 billion euros in 2020, notably impacted by 1.5 billion euros of Covid-19 related claims, as previously communicated, and by higher natural catastrophes.

Gross revenues for the year declined 7 percent to 96.72 billion euros from 103.53 billion euros in the prior year.

Total revenues were down overall for the year by 1% at constant Forex, reflecting strong growth in the first quarter (+4%), a decline in the second quarter (-10%), and a recovery in the third (-1%) and fourth (+1%) quarters. AXA's preferred segments continued to perform well and accelerated in the fourth-quarter 2020 with a growth of 5%.

The company said it is confident in its earnings outlook and has set a 2020 starting base of 6.3 billion euros underlying earnings for its 2021 - 2023 strategic plan targets.

A dividend of 1.43 euros per share will be proposed at the Shareholders' Annual General Meeting on April 29, 2021. The dividend is expected to be paid on May 11, 2021 with an ex-dividend date of May 7, 2021.

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