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US unit deconsolidation dents Axa's H1 net income

Axa SA's first-half net income fell 17% year over year, after a negative impact of €600 million from the deconsolidation of Axa Equitable Holdings Inc.

The French insurer reported net income of €2.33 billion in the first half, down from €2.80 billion a year ago. Net income per share declined on a yearly basis to 92 cents from €1.12.

Underlying earnings came in at €3.62 billion, up from €3.30 billion a year earlier, reflecting the continued strong operational performance that the French insurer has seen across geographies, including France, Europe and Asia, as well as a solid contribution of €502 million from Axa XL, which more than offset the decline in the group's average ownership of U.S. unit Axa Equitable and a temporary hike in holding costs owing to higher financial charges. Underlying EPS rose on a yearly basis to €1.46 from €1.33.

Impairments amounted to €42 million, compared to €76 million in the first half of 2018. Integration and restructuring costs amounted to €142 million, compared to €89 million a year earlier.

Total gross revenues increased to €57.95 billion from the year-ago €53.60 billion.

The group's property and casualty all-year combined ratio stood at 95.1% in the first half. Excluding Axa XL, the group's P&C all-year combined ratio in the period, stood at 93.3%, an improvement of 1.2 points. The current year combined ratio improved by 1.4 points to 95.4%.

Axa's Solvency II ratio stood at 190% at June-end, compared to 193% at the end of 2018.