9M 2009 Activity Indicators - Trends in line with 1H09
News
Group, October 29, 2009
Resilient revenues
Total revenues were down 2% to €68,094 million
On a comparable basis, total revenues were down 5%:
- Life & Savings down 6% to €42,706 million
- Property & Casualty up 1% to €20,524 million
- Asset Management down 31% to €2,253 million
Positive insurance net inflows
- Life & Savings: € +7.0 billion
- P&C: +919,0001 net new personal contracts
- Asset Management: €-51 billion
Enhanced Solvency
September 30, 2009 Solvency I ratio slightly above 140%2 (vs. 133% as of June 30, 2009)
1 Motor and household personal contracts
2 Assuming no Unrealized Capital Gains on the Fixed Income portfolio. This estimate has not been reviewed or approved by AXA's French insurance supervisor "Autorité de Contrôle des Assurances et des Mutuelles"
Henri de Castries, Chairman of AXA's Management Board.
"Our top line trends for the first nine months are in line with the ones observed in the first half of 2009, with a modest revenue drop and continued positive insurance net inflows", said Henri de Castries, Chairman of AXA's Management Board.
"Life and Savings revenues recovered modestly in the third quarter, notably with a solid performance in France. Our unit-linked business remained below normal trends, as clients evaluate the impact of the market environment on their investment plans and investment decisions. Current US sales have been impacted by lower consumer confidence following the market and economic turmoil combined with our recent product redesigns. However, we continue to believe in the strong potential of variable annuities and other unit-linked savings products to meet our clients' needs.
In Property & Casualty, sales growth remained slightly positive and we expect prices to generally increase over the coming months.
Assets under management have increased in the third quarter mainly as a result of higher equity markets. AllianceBerstein improved its investment performance and experienced lower levels of outflows from their institutional clients compared to those seen earlier in the year."
"The outlook in global financial markets has improved over the last six months, which provides a more favorable environment for our business."