French AXA revenue falls 2% in first nine months

AXA, French largest insurance group, said Thursday it recorded less revenue in the January-September period led by sluggish performance in life and saving activities. Over the period, AXA revenue stood at 65.95 billion euros (92.49 billion U.S. dollars), down by 2 percent compared to last year, while the group's asset management operations were expanded by 4 percent to 2.44 billion euros (3.43 billion dollars) thanks to high fees and strong real estate transaction, the group said in a statement posted on its website. AXA main business -- life and saving lost 5 percent to 39.79 billion euros (55.82 billion dollars) over the period. However, the sector's new business value rose by 11 percent following improved business mix. Revenue in property and casualty stood at 21.09 billion euros (29.59 billion dollars), up from 20.29 billion euros (28.47 billion dollars), according to AXA figures. "Our top line trends for the first nine months are generally in line with those observed in the half year, with continued selectivity across all business lines," said Henri de Castries, AXA chairman. "Going forward, we will continue to deliver on our strategic priorities and benefit from the strength of our balance sheet which allows us to navigate through the current market conditions," de Castries added.