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Half Year 2019 Earnings: Disciplined execution and delivery

Aug 1, 2019
published at 7:00 AM CEST
  • Total revenues* up 4% to Euro 57.9 billion
  • Underlying earnings** up 7% to Euro 3.6 billion
  • Underlying earnings per share** up 10% to Euro 1.46
Thomas Buberl
Chief Executive Officer of AXA

AXA continued to deliver strong operating performance, with a +4% growth in revenues and a +10% increase in underlying earnings per share in the first half of 2019.

AXA’s earnings benefitted from a virtuous double dynamic, both growing volumes and improving profitability across all our geographies and preferred segments.

AXA XL had a great first half with continued and disciplined growth in revenues and a solid contribution to the Group’s earnings. Synergies are materializing well, and AXA XL should benefit from the increasingly positive pricing context.

AXA is very well advanced on its transformation journey. The Group has reduced its sensitivity to financial markets, created the #1 Global P&C Commercial lines insurance platform and strengthened its position as a world leader in Health insurance. We also further advanced in our Payer to Partner strategy by launching our own medical centers, notably in Mexico and Egypt, with the aim to simplify and enhance the healthcare journey of our customers.

I would like to thank all our colleagues and partners for their critical role in the execution of our transformation, as well as our clients for their continued trust.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Underlying Earnings, Underlying Earnings per share, Underlying combined ratio, Adjusted Earnings, Adjusted Return on Equity and Debt Gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs Adjusted Earnings, Underlying Earnings and Underlying combined ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 18 to 20 of AXA’s Half-Year 2019 Activity Report. APMs Adjusted Return on Equity and Underlying Earnings per share are reconciled to the financial statements in the table set forth on page 28 of AXA’s Half-Year 2019 Activity Report, and Debt Gearing is reconciled to the financial statements in the table set forth on page 27 of AXA’s Half-Year 2019 Activity Report. The above-mentioned and other non-GAAP financial measures used in this press release are defined in the Glossary set forth on pages 67 to 74 of AXA’s Half-Year 2019 Activity Report.

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