AXA 2011 net income up 49%

17 February 2012 — Vlad BOLDIJAR
axa-4In 2011, net income of AXA Group was up 49% to EUR 4.32 billion. "FY10 net income included EUR -1,64 billion exceptional loss related to the partial sale of the UK Life operations, while FY11 net income included EUR -943 million goodwill reduction attributable to US Accumulator Variable Annuity book of business following the fall in US long term interest rates as well as the reduction in lapses, and EUR +2.33 billion exceptional realized gains related to the sale of Australian and New Zealand operations, Canadian operations and the stake in TAIKANG Life", announced the group.

"This year was also characterized by the first achievements of our strategic plan Ambition AXA. We improved new business margins in both Life & Savings and Property & Casualty. We also made strong progress in increasing the Group's operational efficiency and we are on track in delivering on our cost savings initiatives. Finally, thanks to several strategic disposals, we have actively reallocated capital towards high growth markets and deleveraged the Group", said Henri de CASTRIES, Chairman and CEO of AXA.

Total revenues were down 2% to EUR 86.11 billion. Life and savings segment revenues were down 4% to EUR 52.43 billion and the property & casualty revenues increased by 3.5% to EUR 27.05 billion. Asset Management revenues were stable at EUR 3.27 billion.

Underlying earnings were up 2% to EUR 3.90 billion. On life and savings sector, underlying earnings increased 9% to EUR 2.27 billion. Property and casualty underlying earnings were up 16% to EUR 1.85 million "with a combined ratio down 1.4 points to 97.9% and a current year combined ratio down 2.9 points to 99.6%". Asset Management underlying earnings were up 20% to EUR 321 million.

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