Europe’s second-largest insurer after Allianz said it made nearly 4 billion euros of net profit in the first half, more than double the 1.43 billion euros a year earlier. It said its company-focused Axa XL unit, hit last year by business interruption and event cancellation claims, recorded 619 million euros in underlying income from an 843 million euros loss a year ago. Axa’s underlying profit rose 93% in the first half to 3.64 billion euros. Excluding last year’s COVID-19 related claims, underlying earnings rose by 12%, Axa added. The company in June reached a 300 million euro settlement with restaurant owners in France over pandemic-related insurance claims.

Source: MetroXpress August 02, 2021 05:40 UTC