Well-established in Western Europe, North American and Asia/Pacific markets, the Group intends to reinforce its growth in the years ahead by intensifying its presence in high-growth markets.
Total revenues were up 4% on a comparable basis to €102,874 million. All markets recorded a strong growth.
Net income decreased by 66% to Euro 2.1 billion, as the increase in adjusted earnings was more than offset by (i) the impairments of both the goodwill from AXA Equitable Holdings, Inc. in Group Share (Euro -3.0 billion) and other intangible assets linked to the transformation of our Swiss Group Life business, as anticipated, (ii) higher restructuring costs and exceptional charges, related to both the IPO of AXA Equitable Holdings, Inc. and the acquisition of XL Group, combined with (iii) the negative impact from the change in the fair value of financial assets and derivatives.
Underlying Earnings increased by 6% to Euro 6.2 billion, reflecting a strong operational performance across most of our geographies, partly offset by higher natural catastrophes at AXA XL.
Solvency II ratio
Solvency II ratio was down 12 points versus December 31, 2017 to 193%, as the effect of the closing of the XL Group acquisition was partly offset by the positive economic impacts from both the IPO and secondary offering of AXA Equitable Holdings, Inc., a strong operating return net of dividend to be proposed by the Board of Directors, and management actions to reduce equity market risk.