AXA’s underlying earnings stood at €1,885m, -48% yoy. The impact of COVID-19 on profits was in line with the previously published guidance, at €1.5bn. Commercial lines, notably AXA XL, released a loss of €843m. The group’s net income stood at €1,429m, -39% yoy. The Solvency II ratio was 180%. No dividend to distribute in Q4 20 and the two strategic targets, relative to underlying earnings per share and adjusted ROE, were withdrawn. Our model will be refined.
....06 Aug 2020
The weak global economic recovery will be very costly
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The weak global economic recovery will be very costly
AXA’s underlying earnings stood at €1,885m, -48% yoy. The impact of COVID-19 on profits was in line with the previously published guidance, at €1.5bn. Commercial lines, notably AXA XL, released a loss of €843m. The group’s net income stood at €1,429m, -39% yoy. The Solvency II ratio was 180%. No dividend to distribute in Q4 20 and the two strategic targets, relative to underlying earnings per share and adjusted ROE, were withdrawn. Our model will be refined.
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