AXA 9-Month Revenue Fell; Confirms Impact Estimates From Coronavirus-Related Claims
03 Novembro 2020 - 2:18PM
Dow Jones News
By Mauro Orru
AXA SA said Tuesday that revenue for the first nine months of
the year fell and confirmed its estimates for the impact on 2020
underlying earnings from coronavirus-related property and casualty
claims and solidarity measures.
The French insurance giant said revenue for the period fell to
73.39 billion euros ($85.41 billion) compared with EUR79.68 billion
in the first nine months of 2019.
Annual premium equivalent, known as APE, rose 1% to EUR3.92
billion. APE measures new business growth by combining the value of
payments on new regular premium policies, and 10% of the value of
payments made on one-time, single-premium products.
AXA's solvency II ratio--a key measure of financial strength for
insurance companies--was 180% at Sept. 30, remaining stable from
the end of June.
"AXA expects only a limited impact on claims from the current
second wave of lockdowns and has reaffirmed today its current best
estimate of EUR1.5 billion Covid-19 claims for 2020," said Chief
Executive Thomas Buberl.
The company said the estimated impact of EUR1.5 billion on 2020
underlying earnings from coronavirus-related property and casualty
claims and solidarity measures is after-tax and net of
reinsurance.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 03, 2020 12:03 ET (17:03 GMT)
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