AXA discloses profits and plans to exit one business line

AXA has released its first-half 2024 earnings report, revealing a strategic decision affecting one of the company’s business lines.

In the first six months, the Paris-based insurance group recorded the following results:

Lifting the lid on the numbers, AXA CEO Thomas Buberl said: “We achieved strong growth across all business lines, leveraging the attractive positioning of our franchise and the positive initial contribution of growth initiatives. P&C revenues increased by 7%, with continued good demand, especially in commercial lines, and positive pricing dynamics across all lines.

“Life and health insurance premiums also increased by 7%, including a planned increase in employee benefits. The planned acquisition of Nobis announced today (1 August) is expected to further strengthen our P&C retail franchise in Italy, including the expansion of our distribution network, which is one of the key levers of our strategy.”

Buberl was referring to the deal to buy Gruppo Nobis, which posted €35 ​​million in net income last year. Meanwhile, in his comments, the CEO also mentioned the company’s plan to divest its asset management operations.

“We have made a strategic decision to exit asset management with the intention to sell AXA Investment Managers to BNP Paribas,” said Buberl. “We intend to offset the resulting dilution through share repurchases and confirm the key financial targets of our new strategic plan. In addition, we intend to enter into a long-term investment management agreement with BNP Paribas, which would provide a broader range of investment solutions for AXA and its clients.”

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