AXA consolidated full year 2004 revenues up 1%
News
Group, January 27, 2005
AXA reported today consolidated revenues of Euro 72.2 billion for full year 2004. On a comparable basis, revenues grew by 2% compared to full year 2003.
On a reported basis, total revenues were up 1% from full year 2003 (Euro 71.6 billion), mainly driven by organic growth (revenues on a comparable basis up Euro 1.3 billion, or +2%) and MONY's 2H04 revenues (Euro 1.0 billion impact, or +1%), partly offset by the strength of the Euro versus other currencies (Euro -1.6 billion impact, or -2%).
"As expected, our competitive product offering and the expansion of the distribution platform have contributed to our growth momentum in the fourth quarter of 2004," said AXA Chief Executive Officer Henri de Castries.
"Our P&C and Asset Management revenues growth are in line with our long term targets, and we are particularly pleased with the strong Asset Management net inflows.
Total revenues in our Life & Savings activities have returned to growth in the fourth quarter of 2004, owing to continued strong performance in France, Southern Europe and Japan, as well as to an anticipated recovery in the United States and the United Kingdom. In addition, business mix continues to significantly improve as reflected by the increased percentage of unit-linked sales in our total revenues.
The benefits of higher revenues within the context of improved margins will become more apparent with the disclosure of our 2004 new business contribution growth for Life & Savings operations which, we anticipate, should be higher than the half year 2004 increase."