Axa recently announced a significant increase in its full-year net profit, supported by higher underlying earnings and net realized capital gains. The French insurer reported a rise in 2023 net profit to 7.19 billion euros from EUR5.06 billion the previous year, following an accounting standards update.
Financial Performance
Despite missing analysts' expectations, Axa's net profit growth was notable. Underlying earnings also saw a considerable increase to EUR7.6 billion, driven by a robust operational performance in its property-and-casualty business and fully-owned American subsidiary AXA XL.
Strategic Moves
With gross revenues up by 3% to EUR102.74 billion, Axa's property-and-casualty segment played a significant role. However, reinsurance revenue declined as part of the company's strategy to reduce natural-catastrophe exposure.
Share Buyback and Dividend Increase
To further enhance shareholder value, Axa launched a share-buyback program of up to EUR1.6 billion. Additionally, the company declared a dividend of EUR1.98 per share, marking a 16% increase from the previous year's dividend payout.
These strategic moves reflect Axa's commitment to driving growth and maximizing returns for its investors.
PREVIOUS POST
Nikkei Stock Average Soars
NEXT POST
