For the first nine months of 2011, Axa’s revenues were down 2% to Euro 65.9 billion. Strategically, the insurer confirms its objectives for the “Ambition 2015” plan.
Axa reports a third quarter 2011 results broadly in line with those observed during the first 6 months of the year. Thus, the insurer announced a turnover of Life & Savings down 5% to Euro 39.7 million, mainly because of a 9.3 % decline in life insurance related to a significant slowdown on the euro contracts. The latter recorded a net outflow of Euro 1.7 billion while the unit-linked contracts show a positive net inflow of Euro 2 billion. Axa finally recorded net inflows of 4.1 billion for the welfare and health general fund.
Property and casualty turnover in progresses by 3% to Euro 21 million (the specific activity increased by 4%, largely driven by higher average rates of 4.6%). Finally, the sales of asset management increased by 4% to Euro 2.4 million and assets under management were down 1% to Euro 837 billion.
In a statement, Axa claims a strong balance sheet with a solvency ratio estimated at over 190% and an estimated economic solvency ratio over 150%. According to Denis Duverne, Deputy CEO of Axa, the insurer continues its policy of selectivity in all its business lines. “Going forward, we will continue to deliver on our strategic priorities and benefit from the strength of our balance sheet which allows us to navigate through the current market conditions”. Indeed the insurer confirms its objectives, the “Ambition 2015” plan provides for an annual average growth of 10% of earnings per share and return on equity of 15% within 4 years.
