AXA reveals earnings for first half – CEO’s future outlined

AXA reveals earnings for first half – CEO’s future outlined | Insurance Business America

AXA reveals earnings for first half – CEO’s future outlined

Results season continues with Paris-headquartered insurance group AXA releasing its interim numbers for the first half of the year.

For H1 2021, AXA’s gross revenues amounted to €53.9 billion, representing a 7% increase (at constant Forex) from the corresponding figure last year. Underlying earnings, meanwhile, grew 101% to €3.6 billion.

AXA also saw a 191% (180% on a reported basis) surge in net income, from €1.4 billion in H1 2020 to nearly €4 billion this time around. The insurer’s Solvency II ratio stood at 212%

Broken down revenues-wise at constant Forex, here’s how AXA performed in the first six months:

Segment

H1 2021 revenues

Change from H1 2020

Property & casualty

€28.1 billion

4%

Life & savings

€16.9 billion

12%

Health

€7.9 billion

3%

Asset management

€704 million

17%

   

Chief executive Thomas Buberl highlighted that revenues and underlying earnings rose in all geographies and business lines group-wide.

“These excellent results reflect the collective efforts of all our colleagues, agents, and partners,” said Buberl, whose term at the helm is set for renewal. “I would like to thank them for their relentless engagement, as well as our clients for their continued trust.”

In a separate release, AXA noted that the renewal of Buberl’s mandate as a four-year board member will be proposed to shareholders at the annual general meeting in April next year.

Board of directors chair Denis Duverne stated: “Fully confident in the group’s future, the board of directors has unanimously decided, as proposed by the compensation and governance committee chaired by Jean-Pierre Clamadieu, to confirm Thomas Buberl’s renewal as chief executive officer. 

“The board counts on him to successfully implement its strategic plan ‘Driving Progress 2023’, to seize growth opportunities that will enable AXA to respond to the evolving needs of clients and society, and to pursue the group’s transformation over the longer term.”