First Nine Months 2008 Activity Indicators release
News
Group, November 6, 2008
Henri de Castries, Chairman of AXA's Management Board.
« During the first three quarters of 2008, AXA Group proved to be resilient in an adverse financial market environment, posting a modest 0.9%1 decrease in total revenues, in line with the trends observed during the first half of the year.» said Henri de Castries, Chairman of AXA's Management Board.
« Life & Savings net inflows were once again positive during the third quarter of 2008, totaling Euro +7.8 billion year to date, as a result of solid premium flows and increased client retention. »
« Property & Casualty growth accelerated in the third quarter of 2008, benefiting from the positive contributions of both personal lines (with net new personal contracts reaching circa 1 million year to date) and commercial lines, since the beginning of the year. »
« As expected, Asset Management business was impacted by the financial turmoil, with Euro 10 billion net outflows. »
« We reiterate our confidence in the AXA Group's ability to withstand the current financial crisis thanks to its strong underlying profitability and cash flows, its diversification across business lines and geographies, its financial strength and the confidence of its customers, distributors and employees. We expect to come out of the current turmoil stronger and better positioned. »
1 Change on a comparable basis: 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.