Insurance giant’s balance sheet not affected by subprime, claims chairman
AXA has posted its 2007 results, showing a 27% rise in underlying earnings to Euro 4,963m (£3,788m), and net income up 11% to Euro 5,666 million.
The French group saw solid growth across all segments, including 10% in life and savings; 8% in property and casualty; and 21% in asset management.
Adjusted earnings rose to Euro 6,138 million, up 22% on a reported basis.
Henri de Castries, chairman of AXA’s management board, said: “2007 was another year of solid performance, with underlying earnings per share growth outpacing our Ambition 2012 target. The reported numbers reflect the combination of a strong organic growth in all our business lines, the successful integration of Winterthur and confirm that the strength of our balance sheet is not affected by the subprime crisis.”
