Insurance company Axa SA (AXA) Thursday reported a 2% decline in total revenues for the nine-month period, which is in line with the company's expectation.
Total revenues for the period declined to EUR 69.46 billion from EUR 68.09 billion in the prior-year period. On a comparable basis, total revenues were down 5%.
Segment-wise, Life & Savings revenues were EUR 42.71 billion, lower than EUR 43.85 billion. Net inflows were positive at EUR 7.0 billion, compared with EUR 7.8 billion a year ago.
On a comparable basis, new business volume was down 15% to EUR 4.51 billion from last year, due to adverse financial environment, negative impact from one-off events, mainly in Japan, which were partially offset by solid performance in France, with successful developments in group business, Italy.
Property & Casualty revenues increased marginally to EUR 20.52 billion from EUR 20.03 billion in the previous year, driven by higher volumes in personal lines, partly offset by negative momentum in commercial lines as a result of the unfavorable economic environment.
International Insurance revenues were EUR 2.31 billion, up slightly from EUR 2.23 billion in the comparable period.
Asset Management revenues declined 26.3% to EUR 2.25 billion from EUR 3.06 billion last year, due to lower average assets under management and unfavorable change in product mix.
Henri de Castries, chairman, said, "The outlook in global financial markets has improved over the last six months, which provides a more favorable environment for our business."
AXA closed Wednesday's regular trading at $24.97 per share on the New York Stock Exchange.
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