1Q08 Activity Indicators
News
Group, May 7, 2008
Henri de Castries, Chairman of the Management Board
"First quarter 2008 top-line performance proved resilient within the context of a turbulent market and evolving regulatory and tax environment in certain countries." said Henri de Castries, Chairman of the AXA Management Board.
"Life new business volume was below last year's level, but new business margin was up 0.4 point and net new inflows were strong, reaching Euro 4 billion for the quarter, notably reflecting the successful roll-out of Accumulator products."
"Our P&C business, up 2%, should accelerate its growth in the upcoming quarters confirming our positive outlook for 2008."
"Asset management net inflows stayed in positive territory, demonstrating the enduring reputation for quality of AllianceBernstein and AXA Investment Managers franchises."
"We remain confident in the strength of our business model and continue, in line with our Ambition 2012 program, to invest for our development."
See also...
Life & Savings
- New business volume (APE1) down 6%2 to Euro 1,939 million
- New business margin up 0.4 pt2 to 21.8%
- Positive net inflows of Euro +4.0 billion
Property & Casualty
- Revenues up 2%2 to Euro 8,885 million
- Positive net new personal contracts of +263,000
Asset Management
- Revenues up 3%2 to Euro 1,071 million
- Positive net inflows of Euro +3.5 billion
1Annual Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group share.
2 Change is on a comparable basis and calculated at constant FX and scope.
Numbers herein have not been audited. APE and NBV are both in line with the Group's EEV disclosure. They are non-GAAP measures, which Management uses as key indicators of performance in assessing AXA's Life & Savings business and believes to provide useful and important information to shareholders and investors. IFRS revenues are available in Appendix 3 of the press release.