All the insurers of the Old Continent suffered from the storm last year.
Axa has not escaped it.
The health crisis cost, as expected, 1.5 billion euros to the French insurance giant in 2020. This weighed on its net income, which fell 18% to 3.16 billion euros.
Its turnover remained almost stable (-1% at constant exchange rates, at 96.7 billion euros).
By comparison, the net profit of German giant Allianz fell 14% and the results of reinsurers Munich Re and Scor were halved.
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“The drop in results is mainly due to the impact of claims related to the pandemic and to the solidarity measures taken by Axa,”
explains Étienne Bouas-Laurent, Axa's chief financial officer.
The damage insurance branch was
"logically the most affected"
and the increase in claims has halved the operating profit of the activity.
Compensation for business losses has thus cost the insurer
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