AXA : Underlying earnings beat forecasts, driven by P&C insurance
>Underlying earnings above forecasts - AXA reported yesterday its H1 2023 results under new IFRS 17 rules (although the group prefers to report results on a H1 2023 comparison base under former IFRS 4 rules). Premiums rose by 2% to € 55.7bn, with growth of 7% in P&C insurance (of which +9% in commercial lines) and 4% in protection, but declines of 1% in savings and 6% in health insurance (negative base effect). Underlying earnings totalled € 4.11bn (+19% under IFRS 17...AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
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