AXA: 9m revenue slips 2% to E73.4bn
(CercleFinance.com) - Axa's 9m revenue fell by 2% to 73.
4 billion euros over the first 9 months of 2020 (compared to 79.7 billion euros last year).
The group recorded growth in the first quarter (+4%), a marked fall in activity in the second quarter (-10%) stemming from lockdowns and restrictions related to the Covid-19 pandemic, with a recovery in the third quarter (-1%) following a partial recovery in economic activity.
Revenue is down by 1% in the third quarter, albeit with an increase in activity in most of its business lines, supported by the insurance insurance (+2%), boosted by the increase in business insurance (+2%), mainly by AXA XL with positive prices, as well as in France and Europe, and by private insurance (+1%).
The impact of Covid-19 related claims remains unchanged at 1.5 billion euros on 2020 operating income.
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