Axa H1 2020 underlying earnings crash 48%

Axa has booked £1.4bn worth of COVID-19 losses into its H1 2020 results. The French insurer announced revenues for the first half of the year were down by 2% to £47bn, and that underlying earnings for the period had collapsed by 48% to £1.7bn.

In its property and casualty business, underlying earnings were down by 72% to £491m. Axa said this was largely a result of COVID-19 losses of £0.7bn for business interruption claims, £0.5bn for event cancellation claims and £0.3bn for D&O, liability and travel claims.

CEO Thomas Buberl said: “The impact of COVID-19 on Axa’s earnings was in line with our previously published guidance. Commercial lines were the most impacted, notably at Axa XL. The rest of the group was resilient, with the impacts from COVID-19 claims largely offset by lower frequency in motor and growth in health and asset management."

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