Axa first-quarter revenue boosted by XL acquisition

(Reuters) — French insurer Axa SA’s overall first quarter revenue rose faster than expected thanks to the contribution of recently acquired Bermuda-based insurer XL Group Ltd., as well as favorable currency swings.

Axa booked €34.95 billion ($39 billion) in revenue during the quarter, 14% higher than in the same period a year ago. Analysts polled by Infront Data for Reuters expected revenue of €32.87 billion.

Excluding the effects of currency swings and the contribution of XL, Axa’s revenue during the quarter rose 2.7%, Chief Financial Officer Gerald Harlin told reporters.

Under Chief Executive Thomas Buberl, Axa — the second-largest European insurer after Germany’s Allianz SE — is undergoing a deep restructuring.

The restructuring plan is aimed at making Axa stronger on insurance businesses related to health, property and damages, and less dependent on life insurance.