AXA FY2020 revenues fell below EUR 100 billion

1 March 2021 — Andrei Victor
The French insurer AXA reported total FY 2020 revenues of EUR 97 billion, down just 1% compared to the previous year, while the net income decreased by 18% to EUR 3.16 billion, according to the activity indicators published by the group.

The insurer said the impact on 2020 underlying earnings for the Group from Covid-19 related P&C claims and solidarity measures was EUR 1.5 billion (post-tax and net of reinsurance).

"AXA's revenues were resilient in 2020, down just 1% compared to the previous year, reflecting the relevance of our strategic choices and business mix. Our preferred segments, P&C Commercial lines, Health and Protection, continued to perform well, growing by 3% in 2020 and accelerating in the fourth quarter (+5%). The Group's underlying earnings were Euro 4.3 billion in 2020, notably impacted by Euro 1.5 billion of Covid-19 related claims, as previously communicated, and by higher natural catastrophes. We are confident in our earnings outlook and have set a 2020 starting base of Euro 6.3 billion underlying earnings for our 2021 - 2023 strategic plan targets", said Thomas BUBERL, CEO of AXA.

By divisions, the Life & Savings segment generated revenues of EUR 31.5 billion, reflecting a strong growth in the first quarter (+4%) more than offset by the impacts related to Covid-19, most notably in G/A Savings, in the second (-21%), third (-6%) and fourth quarter (-3%), while Property & Casualty revenues increased by 1% at EUR 48.7 billion. Health revenues up 6% to EUR 14.7 billion, with growth across all geographies (Asia +9%, France +6%, Europe +4%), while Asset Management revenues grew by 4% to Euro 1,269 million.

AXA informed a dividend of Euro 1.43 per share will be proposed at the Shareholders' Annual General Meeting on April 29, 2021. "The dividend is expected to be paid on May 11, 2021 with an ex-dividend date of May 7, 2021".

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