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AXA says H1 net income up 4%, below expectations
[PARIS] AXA, Europe's second-biggest insurer, reported a 4 per cent rise in net profit for the first half of 2016, boosted by proceeds from real estate disposals but held back by natural catastrophe costs and lower asset management revenue.
Net income was 3.2 billion euros (S$4.81 billion) in the first half of 2016, an increase of 4 per cent at constant exchange, rates and below the average forecast in a Reuters poll of 3.6 billion euros.
"We have delivered resilient underlying earnings ... despite market headwinds and a higher cost of natural events," incoming chief executive Thomas Buberl was quoted as saying in a statement.
The natural catastrophe charges were mainly from storms in Germany and floods in France, combined with higher claims in Belgium as a consequence of the floods in May and June 2016.