AXA increases by 49% net profit in 2011

AXA has achieved in 2011 net profit of 4.324 million euros, representing growth of 49% over the previous year, according to statements made this morning by the Gallo group.

This increase results have influenced both the extraordinary gains achieved by the diversions from Australia, New Zealand, Canada and Taikang Life, and the burden of more than 1,640 million that the group took in its 2010 accounts for the sale of part of its life operations in the UK.


Thus, underlying earnings stood at 3.901 million, 2% more than in 2010. In this figure, the Life and Savings activities contribute with a score of 2.267 million, down 9%, which was offset by rising 16% in non-life underlying profit, which rose to 1,848 million, an combined ratio improved by 1.4 points to 97.9%. Asset Management also saw growth, 20%, underlying earnings, up to 321 million.

With respect to business development, AXA reached a total revenue of 86.107 million, down 4% (-2% at comparable rates).

“With the diversification of our business, we achieved solid results, increasing cash flow and maintaining a robust balance sheet, despite difficult market conditions. The AXA Management Board will propose a dividend of 0.69 euros per stable action, “said Henri de Castries, chairman and CEO of AXA.

“Last year was marked by early achievement of our strategic plan of Ambition AXA. We have improved new business margins, both in Life and Savings as in Non-Life, have also been strong progress in increasing operational efficiency of the group and we are on track in meeting our goal of cost savings. Finally, thanks to several strategic divestitures, we actively reallocated capital to high growth markets, “he adds.

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