AXA Nine-Month Revenue Ticks Up; Flags $395 Million in Hurricane Ian Losses
November 02 2022 - 1:19PM
Dow Jones News
By Ed Frankl
AXA SA said Wednesday that its third-quarter revenue rose
slightly, helped by its commercial lines and health insurance
segments, as it put estimated claims from Hurricane Ian at just
under $400 million.
Total gross revenue came to 78.37 billion euros ($77.38 billion)
in the nine months to the end of September, slightly up from
EUR75.97 billion in the same period of 2021, the French insurer
said.
Quarterly revenue rose at its property & casualty and health
segments by 6% and 14%, respectively, but fell at its life &
savings business by 5%, on a reported basis.
Its P&C business was helped by commercial lines insurance
revenues from higher prices, though that was partly offset as it
reduced its exposure to some natural-catastrophe exposure, AXA
said.
Meanwhile, the company said it estimated claims from Hurricane
Ian, which struck Florida and neighboring states in September, of
around EUR400 million, equivalent to $395 million, gross of tax and
net of insurance.
The company's Chief Financial Officer Alban de Mailly Nesle said
it was estimated to be one of the costliest hurricanes in the U.S.
and that its market share of claims from Ian to be around 0.7% out
of industry losses of $60 billion.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 02, 2022 13:04 ET (17:04 GMT)
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