Global insurer AXA has seen profits fall from €6.2bn ($7bn) to €2.1bn from 2017 to 2018. The company said it was "disappointed" by the decision and would appeal against it. Intangibles cost the company €3.1bn while restructuring cost €332m.
Global insurer AXA has seen profits fall from €6.2bn ($7bn) to €2.1bn from 2017 to 2018. AXA pinned the slump down to factors of impaired intangible assets business, including goodwill from AXA Equitable Holdings and the transformation of its Swiss Group Life business, restructuring costs in the IPO for Equitable Holdings and its acquisition of XL Group, and negative impacts from changes in financial asset and derivatives value. Intangibles cost the company €3.1bn while restructuring cost €332m.