Net profits at AXA, Europe's second biggest insurer, fell sharply as a result of charges related to its US unit's initial public offering (IPO) and a spate of natural disasters, although AXA hoped for higher earnings this year. Net profits at AXA, Europe's second biggest insurer, fell sharply as a result of charges related to its US unit's initial public offering (IPO) and a spate of natural disasters, although AXA hoped for higher earnings this year. Natural disasters cost AXA about €2bn in 2018, of which €600m corresponded to hurricane Michael in the US and wildfires in California during the fourth quarter. Earnings rose 3pc in 2018, while AXA also raised its dividend by 6pc to €1.34 per share. Earlier this month, Allianz - which is Europe's biggest insurer - also posted higher earnings and added it might slow down its share buyback programme.

Source: Irish Independent February 21, 2019 07:52 UTC