By Reuters Staff
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PARIS, May 4 (Reuters) - Axa said it expects its solvency ratio to rise further in the second quarter as the French insurer confirmed on Tuesday its 2021 forecast for company-focused insurance unit XL, which was badly hit by the COVID-19 pandemic last year.
Europe’s second-biggest insurer after Germany’s Allianz said its solvency ratio, which measures capital strength under European Union risk-measurement rules, was 208% at the end of March, up by 8 points from the end of 2020.
“We expect our solvency ratio to keep rising in the second quarter”, Axa’s Chief Executive Etienne Bouas-Laurent told reporters after the insurer issued its results.
By Reuters Staff
1 Min Read
PARIS, May 4 (Reuters) - French insurer Axa SA on Tuesday reported a 3% drop in revenue in the first quarter of the year and confirmed the 2021 guidance for its company-focused insurance unit XL which was badly hit last year by the pandemic.
Europe’s second-biggest insurer behind German Allianz said revenue was down 4% in property and casualties insurance and down 4% in life insurance and savings.
Axa said in a statement that Axa XL, which provides insurance for companies, was on track to reach its 1.2 billion euros ($1.44 billion) underlying result target in 2021 after the unit posted an 1.4 billion euros loss last year.
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Axa, Europe's second-biggest insurer after Allianz, has today reported an 18% drop in net income for 2020 as Covid-19-related claims hit earnings at its property and casualty insurance business.