Axa announced that its profits and revenues for the first half of the year exceeded estimates and it started buying back its own shares, worth up to 1 billion euros.
The French insurer said net profits stood at 4.11 billion euros in the six months to the end of June, slightly higher than 4 billion euros in the same period last year.
Profits were hit by pre-tax provisions of 300 million euros for the war in Ukraine in the first half, including the write-off of goodwill on its stake in Russian insurer Reso Garantia, the Paris-based company said.
Gross income rose 1% year-on-year on a constant currency basis to €55.14bn as the health sector grew 13%, although this was partly offset by life and savings where income fell 5%.
Both figures were higher than estimates for net profit of €3.73 billion and gross revenue of €54.61 billion.
Axa also announced that underlying profits rose 8% to €3.92bn, driven by strong organic growth.
The company also launched a new share buyback program of up to €1 billion, which will start as soon as possible based on market conditions, and is expected to be completed by February 2023.
Source: Capital
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