trending Market Intelligence /marketintelligence/en/news-insights/trending/-6uemdEFFrgjtQv02-s_5w2 content esgSubNav
In This List

US unit deconsolidation dents Axa's H1 net income

Blog

Insight Weekly: Fed's policy stance; overdrafts under scrutiny; energy stocks rally

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Fintech Intelligence Digital Newsletter: May 2021


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.