AXA Life Insurance Sales Reach £38.5 Billion
On Thursday, October 28th, AXA - a French-based insuring company, which is number 2 in Europe in terms of market share - announced that its 9-month revenue increased by 3.5% due to high level of life insurance sales in UK and other countries.
Revenue of AXA in the first 3 quarters of this year amounted to £61.8 billion, whereas revenue at the life and savings unit reached £38.5 billion due to good sales in UK, China and Eastern Europe.
The inusrance company, however, expects a decline in the profitability of its life insurance unit because lowered interest rates might make it difficult to meet pledges made to consumers by the end of 2010.
Commenting on the performance over the past 3 quarters, Mr. Nick Holmes of Nomura said that AXA shows promising signs for full-year earnings and is still considered the number 1 insurer by European consumers.
Mr. Henri de Castries, AXA chairman, claimed that the company's performance in the first 3 quarters of this year is in line with the expectations of the management as it continues to focus on growth.
Let us remind that earilier this year AXA sold most of its insurance operations in Great Britain to Resolution Ltd., a UK-based insurer.
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