AXA’s revenue hits EUR100 billion in 2016

AXA Mansard

AXA, the world’s sixth largest insurance company said its 2016 full year revenue rose to EUR100 billion.

The result shows a 2% year on year growth. In 2015, the company reported EUR98 billion.

Net income was up 2% to Euro 5.8 billion, as higher adjusted earnings, a net gain on disposals, and a less unfavorable change in the fair value of financial assets and derivatives not eligible for hedge accounting, were partly offset by higher restructuring costs.

Commenting on the result Thomas Buberl, Chief Executive Officer of AXA said “With the commitment and the engagement of our teams, we have delivered a strong performance in the first year of our new Ambition 2020 plan” .

“We recorded Euro 5.7 billion in underlying earnings, a growth of 4% on a per share basis, despite continued low interest rates and market volatility. We generated over Euro 6.2 billion of operating free cash flows and our Solvency II ratio of 197% remained well within our target range. In this context, the Board of Directors is proposing a dividend of Euro 1.16 per share, an increase of 5% versus last year, which corresponds to a payout ratio of 48%.”

“AXA’s revenues crossed the Euro 100 billion mark for the first time in the company’s history. In Life & Savings, we continued to grow our profitable Protection & Health and capital light Savings businesses, in line with our strategy. In Property & Casualty, we grew in both personal and commercial lines. We also experienced significant positive net inflows in Asset Management.”

“We are on track on the headline targets of our Ambition 2020 plan, focusing on the execution of clear management levers, and pursuing the transformation of the Group towards becoming the innovation leader in insurance and empowering people to live a better life.”