AXA’s underlying earnings increased by 9% to EUR 3.3 billion during 1H2018 (underlying earnings per share up 6% to EUR 1.33), while total revenues grew by 3% to EUR 53.6 billion, as the French insurer announced in a press release.
“AXA delivered a very strong operating performance in the first half of 2018, with a 6% increase in underlying earnings per share, towards the top end of our Ambition 2020 target range. This result was supported by a strong increase in technical profitability across all our businesses”, said Thomas BUBERL, Chief Executive Officer of AXA.
The insurer mentioned its revenues increased by 3%, mainly due “to strong growth in (i) France (+8%) driven by Life & Savings and Health, (ii) Europe (+3%) with higher sales across all business lines, (iii) Asia (+3%) with growth in Protection and Health, (iv) International (+3%) driven by P&C and Health , and (v) Transversal (+2%). This was partly offset by the US ( – 3%), due to lower Unit – Linked sales, partly off set by higher revenues at AB.
Annual Premium Equivalent, APE (new business volume) was up 8%, mainly “driven by (i) strong growth in France (+19%) in Group Health and Individual Savings, as well as (ii) higher sales in Europe (+6 %) mainly from Protection , (iii) the US (+4%) with higher advisory sales in Mutual Funds & Other , and (iv ) Asia ( + 4%) mainly driven by Protection”.
NBV margin decreased by 1.7% to 41.0%, mainly due to higher sales in Group Health in France and a shift in business mix in Hong Kong, partly offset by a favorable business mix in China and Thailand. New Business Value was up 4% to Euro 1.4 billion…