The company proposed a 2017 dividend of EUR 1.26 a share, up 9% and corresponding to a payout ratio of 49%. The dividend is expected to be paid on May 7, 2018 with an ex-dividend date of May 3, 2018.
"Total revenues were stable, as growth in the United States (+2%) from an improved mix and favorable market conditions at AB and higher advisory sales in Life & Savings, International (+2%) with growth in most markets more than offsetting changing market conditions in Turkey and at AXA IM (+9%), was offset by lower revenues in Europe (-1%) from lower G/A Savings sales in Italy and the non-repeat of the sale of a large Protection contract in Switzerland and Asia (-3%) mostly due to a change in regulation in Japan", the Paris-based insurer said in a statement.
Per business segments, health revenues were 6% higher (EUR 12.40 billion), "mainly driven by higher sales of Group Health in France and full benefit coverage in Germany". P&C Commercial lines revenues increased by 2%, "mainly driven by Non-motor (+3%)", while Protection revenues decreased by 1%, mainly driven "by higher selectivity in Spain and the non-repeat of a large contract in Switzerland, partly offset by higher sales in Asia".
Property & Casualty combined ratio improved by 0.1 point to 97.6%, "mainly due to an improved claims experience, partly offset by higher Natural Catastrophe charges", while Protection combined ratio improved by 0.2 point to 96.9%, "mainly due to strong improvements in Europe mostly from lower expense ratio in both Switzerland and Germany as well as an improved claims experience and higher fees in France, partly offset by an unfavorable mortality experience in the US". At the same time, Health combined ratio improved by 0.3 point to 94.7%, from "selectivity in International and growth in Asia and Europe".