PARIS -French insurer AXA beat market expectations with a 7% increase in first-quarter sales on Tuesday, fuelled by growth in its property damage and life and health insurance divisions.
Gross written premiums and other revenues over the three months ending in March climbed to 37 billion euros ($41.94 billion), above the 36.3 billion-euro median average of analyst estimates compiled by the group.
AXA’s solvency II ratio, a key measure of financial strength, stood at 213% at the end of March, missing the 217% median analyst estimate.
The decrease stemmed from a decline in the value of the U.S. dollar and a widening of spreads on sovereign bonds, the company said.
“We are well positioned to achieve our goals by 2026, despite the complex international context we have been experiencing since the beginning of the year,” Chief Financial Officer Alban de Mailly Nesle told reporters on a call.
($1 = 0.8821 euros)
(Reporting by Mathieu Rosemain and Bertrand de Meyer; Editing by Tommy Reggiori Wilkes/Sudip Kar-Gupta)
