From 2017’s €6.2 billion (around NZ$10.2 billion) to last year’s €2.1 billion (around NZ$3.48 billion) – that’s how much major insurer AXA saw its full-year profit fall, with a number of reasons to blame. Releasing its financial results this morning, the Paris-headquartered group noted that the slight increase in its adjusted earnings was more than offset by several culprits. At constant Forex, adjusted earnings rose only 3% (0% on a reported basis) to €6.5 billion. AXA attributed the 66% drop in net income to the following: The biggest dent, at €3.1 billion, came from goodwill and related intangibles. Integration and restructuring costs amounted to €332 million. Breaking down its earnings, €1.6 billion came from France; €2.5 billion, Europe; €1.1 billion, Asia; €1.1 billion, US; €400 million, international; and €384 million, transversal. Negative figures were posted from AXA XL and Central Holdings. Meanwhile Solvency II ratio went down 12 points to 193%.
Global insurer AXA has seen profits fall from € 6.2bn ( $ 7bn ) to € 2.1bn from 2017 to 2020 . AXA pinned the slump down to factors of impaired intangible ##s business , declining goodwill from AXA Equitable Holdings and the transformation of its Swiss Group Life business , restructuring interest in the IPO for Equitable Holdings and its acquisition of XL Group , and negative impacts from changes in financial markets and derivatives markets . Intangibles cost the company € ##500 while restructuring cost € 332 m .