AXA posted rapid growth in its sales to €57,949m, increasing 4% at constant FX. The underlying earnings were also solid and reached €3,620m (up 10% at constant FX). The decline in net income (-19% at constant FX to €2,333m) was largely due to the change in the fair value of derivatives and the deconsolidation of EQH. With the dominance of P&C business (55% of the group’s underlying earnings), the volatility in the insurer’s net result is not a surprise.
01 Aug 2019
Comfortable with the 2020 targets
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Comfortable with the 2020 targets
AXA posted rapid growth in its sales to €57,949m, increasing 4% at constant FX. The underlying earnings were also solid and reached €3,620m (up 10% at constant FX). The decline in net income (-19% at constant FX to €2,333m) was largely due to the change in the fair value of derivatives and the deconsolidation of EQH. With the dominance of P&C business (55% of the group’s underlying earnings), the volatility in the insurer’s net result is not a surprise.