AXA Net Profit Rises on Growth Across Segments

By Elena Vardon and Adria Calatayud

AXA reported a net profit that was better than expected, buoyed by top-line growth across all segments over the first half of 2024.

The French insurer said Thursday reported a net profit of 4.02 billion euros ($4.35 billion) for the six months ended June 30 compared with EUR3.83 billion in the same period last year.

On an underlying basis, AXA's earnings were EUR4.24 billion, up 6% on year on a comparable basis.

The group reported gross written premiums and other revenue of EUR59.87 billion compared with EUR55.74 billion, driven by growth across all segments.

Estimates taken from a company-compiled consensus had net profit at EUR3.82 billion, saw underlying earnings of EUR3.96 billion and expected gross written premiums and other revenue to come in at EUR59.33 billion.

"This gives us confidence in achieving an underlying earnings per share growth by year-end that will be in line with the 6% to 8% plan target," Chief Executive Thomas Buberl said, referring to the insurer's targets for the 2023-2026 period.

The insurer's Solvency II ratio--a measure of financial strength--was 227% as of June 30, in line with where it was a year before and against consensus estimates of 229%.

Write to Elena Vardon at elena.vardon@wsj.com and to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

August 01, 2024 13:35 ET (17:35 GMT)

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