Net profit surges 12% at France's AXA insurance

GMT 10:05 2016 Thursday ,25 February

Arab Today, arab today Net profit surges 12% at France's AXA insurance

AXA chief executive Henri de Castries
Paris - AFP

France's biggest insurance group AXA, second in Europe only to German giant Allianz, said Thursday its net profit surged 12 percent last year to 5.61 billion euros ($6.16 billion).

The insurer will propose a dividend of 1.10 euro per share, a 16 percent increase over that of 2014, it added.

Net profit came in slightly ahead of analysts' average forecasts of 5.58 billion and was boosted by favourable currency factors thanks to earnings in dollars, sterling and Swiss francs which were all strong against the euro, Axa's reporting unit.

AXA recorded record levels of operating income, with a 10 percent increase to 5.57 billion euros, as well as of revenue which rose 7 percent to 98.53 billion euros.

Chief executive Henri de Castries said in a statement the company's strategic plan "Ambition AXA" had made it "more resistant, more effective and more lively".

AXA had reached its objective of reducing costs to 1.9 billion euros by the end of 2015.

It also cut its debt ratio -- debt compared to assets -- to 23 percent in 2015, down one point from the previous year.


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