By Le Figaro with AFP
Published
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The French insurer Axa published on Thursday an almost stable turnover (+2%) in 2022, at 102.3 billion euros, but a net profit down 8%, at 6.68 billion euros, burdened by the loss value of certain assets. “Axa achieved a very good performance in 2022 despite a difficult economic environment, proof of the resilience of our model“, greeted the director general Thomas Buberl, quoted in a press release.
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In 2021, the group had generated 7.29 billion euros in net profit, for a turnover of 99.9 billion euros. It is almost on a par last year with its European competitor Allianz, which published a net profit of 6.74 billion euros on February 17, but Axa disappoints analysts, who expected a profit of more than 7 billion euros. euros. If activity holds up, the rise in interest ratescaused a number of bond assets to see their value reduced and this change was taken to net income“, said the financial director, Alban de Mailly Nesle, during a telephone press briefing. A capital loss amounting to nearly 500 million euros.
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In detail, the group’s activity was driven by the good performance of property and casualty insurance, particularly in automobile. This division posted sales up 2% to 51.6 billion euros. The health branch saw its turnover increase by 16%, to 17.4 billion euros, driven in particular by contracts in France but also in the United Kingdom and Ireland, when the life insurance branch saw its own. down 5% to 31.5 billion euros, reduced by the fall in sales of the euro fund. It also suffers from the comparison with an exceptional year 2021 for units of account, specifies Axa.
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Axa will redistribute a substantial part of its net profit to its shareholders. The proposed dividend is 1.70 euros per share (+10%), or 3.9 billion euros in total. In addition, there is a share buyback program for a maximum amount of 1.1 billion euros.
