BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — Axa, Europe’s second-biggest insurance company, posted a better-than-expected key capital buffer measure in the first quarter, reassuring investors of its capacity to generate cash as it navigates a higher interest rate environment.
The group's solvency II ratio — a measure of its capital strength under EU risk measurement rules for insurers — stood at 217% at the end of March, up 2 percentage points from the end of 2022, driven by strong operating return.
“Solvency was strong at 217%, better than consensus estimate of 208%,” Morgan Stanley said in a note.
KBW and Jefferies noted that the company's new operating capital generation guidance for 2023, between 25 and 30 points for 2023, also beat market expectations.
The French insurer's first-quarter sales rose 2% from the same period a year earlier to €31.8 billion ($35.01 billion), as growth of its property/casualty policies offset a fall in revenue from savings products in France and Italy.
Revenue from property/casualty policies was up 5%, while life insurance policies fell, dragged down by a 9% drop in premiums in savings-related products.
The insurer said it expected to yield more than €7.5 billion in underlying earnings this year, up from €6.1 billion in 2022, under new restated 2022 figures after the implementation of a new set of accounting standards.
Axa confirmed its 2023 financial targets.