(Reuters) — Axa on Friday reported a stronger-than-expected rise in first-half revenue, driven by growth in its property/casualty and life and health insurance businesses.
The French insurer recorded gross written premiums and other revenue of €59.9 billion ($65.3 billion). That was up 7% year-over-year and above analysts’ median forecast of €59.4 billion in a consensus compiled by Axa.
Underlying earnings increased 4% to €4.2 billion euros while Axa’s solvency ratio, a key measure of its financial health, stood at 227% at the end of June.
On Thursday, BNP Paribas, the euro zone’s biggest bank, said it was in exclusive talks with Axa to acquire Axa Investment Managers at an agreed price of €5.1 billion.
This represents a major strategic move for Axa, Europe’s second-biggest insurer, as it aims to focus on its core businesses.
Also Thursday, Axa announced the acquisition of Italian insurer Gruppo Nobis for €423 million. The deal is expected to close before the end of the first half of 2025.
