Axa H1 Profit Nearly Flat, Premiums Rise; Backs FY23 View; To Buy Laya Healthcare For EUR 650 Mln

French Insurance company Axa S.A. (AXAHY.PK) reported Thursday that its first-half net income edged down to 3.833 billion euros from last year’s 3.852 billion euros.

Underlying earnings grew 19 percent to 4.11 billion euros from last year’s 3.47 billion euros. Underlying earnings under IFRS4 grew 5%.

Underlying earnings per share increased 8 percent to 1.79 euros from 1.65 euros in the prior year.

Gross written premiums & other revenues increased 2 percent to 55.7 billion euros from 54.9 billion euros in the prior year.

Property & Casualty Gross written premiums increased 7 percent from last year to 30.4 billion euros, while Life & Health fell 3 percent to 24.5 billion euros.

Looking ahead for fiscal 2023, the company affirmed that it is on track to meet its 2023 underlying earnings target of above 7.5 billion euros.

Thomas Buberl, Chief Executive Officer of AXA, said, “We are on track to achieve our Group underlying earnings target for the year and we are confident in our capacity to deliver long-term revenue and profit growth.”

The company also said it is confident in its ability to deliver on the four main financial targets of AXA’s “Driving Progress 2023” plan.

Separately, AXA announced that it has entered into an agreement to acquire Irish health insurer Laya Healthcare Limited from Corebridge Financial Inc., a subsidiary of AIG, for a consideration of 650 million euros.

The completion of the transaction is expected to take place by the end of 2023, subject to customary closing conditions, including the receipt of regulatory approvals.

With this transaction, AXA affirms its ambition to grow its European franchise.

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