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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