"AXA's strong performance in the first half of 2016 reflects once again the pertinence of our business model and strategic choices in an environment which continues to be characterized by low interest rates and higher market volatility. We have delivered resilient underlying earnings of Euro 3.1 billion despite market headwinds and a higher cost of natural events. Our balance sheet remains very strong with a Solvency II ratio at 197%, well within our target range", said Thomas BUBERL, incoming AXA CEO.
By divisions, the Life & Savings segment generated revenues of EUR 31 billion (down by 2% y-o-y), while Property & Casualty revenues totalled EUR 18.6 billion (+4%), mainly driven by a positive price effect of 4.9% on average.
At the same time, Asset Management revenues totalled EUR 1.8 billion (down by 8% y-o-y), while the International insurance revenues were up 5% mainly driven by AXA Corporate Solutions up 5% and AXA Assistance up 8%.
"In Life & Savings, we focused on profitable business growth with increased sales of Protection & Health and capital light Savings products. In Property & Casualty, we delivered strong growth in both Personal and Commercial lines while maintaining our emphasis on profitability. Asset Management continued its momentum with net inflows in both our asset managers", said Thomas BUBERL.
Read the announcement here.