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AXA Q1 Revenues Down 3%

AXA (AXAHY.PK) Tuesday reported its first-quarter total gross revenues of 30.7 billion euros, down 3% from 31.7 billion euros last year.

On comparable basis, revenues rose 2% year-over-year.

"AXA's total revenues grew by 2% in the first quarter, in a context which continued to be marked by Covid#19 related restrictions", said Etienne Bouas- aurent, Group Chief Financial Officer. "This good performance was underpinned by sustained growth in our preferred segments, notably with P&C Commercial lines up 4%, Health up 5%, and with continued positive flowsand a favorable mix in L&S."

Property & Casualty segment revenues dropped 4% to 17.4 billion euros, while Health segment revenues gained 3% to 4.2 billion euros. Life % Savings slipped 4% to 8.6 billion euros, while Asset Management gained 16% to 0.4 billion euros.

"AXA XL performed well in the quarter, pursuing its underwriting discipline, achieving significant price increases, targeted exposure reductions, and growing revenues by 4%. AXA Investment Managers also delivered strong performance, with Euro 13 billion net inflows and revenues up 17%."

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