French insurer AXA reported an 8% YoY growth in underlying earnings of €3.9bn ($4bn) for H1 2022. Gross revenues increased 2% YoY to €53.9bn ($54.8bn). In terms of revenue contribution, Property & Casualty was up 1% YoY to €29.3bn ($29.8bn), Life & Savings fell 5% YoY to €16bn ($16.3bn), Health was up 13% to €8.8bn ($9bn) with growth across all geographies, and Asset Management increased by 4% to €788mn ($801mn). CEO Thomas Buberl said, “Axa posted resilient results despite the impact of the war in Ukraine, reported strong technical profitability across all businesses, in France and Europe, delivering attractive and consistent performance.” Debt gearing stood at 26.9% as of June 3, up 0.5% in H1, mainly due to two subordinated debt issuances with an aggregate amount of €2.5bn ($2.5bn). During the period, the company repaid AXA S.A. and AXA XL debt amounting to €1.7bn ($1.7bn). AXA also announced a €1bn ($1bn) share-buyback program. The Solvency II ratio was at 227% vs. 217% in FY21.

Axa’s 4.5% perp is trading at 88.13, up 0.08 points.

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