AXA: Declining half-year results 2020

AXA reported a net income of 1.43 billion EUR (1.6 billion USD) in the first half of 2020 compared to 2.33 billion EUR (2.64 billion USD) in 2019, a 38.6% decline in one year.

Such a decrease is mainly due to business interruption and event cancellation claims caused by Covid-19. The losses amounted to 1.5 billion EUR (1.68 billion USD).

The turnover of the French insurer degraded by 9.49%. It went from 57.9 billion EUR (65.81 billion USD) in H1 2019 to 52.4 billion EUR (58.93 million USD) twelve months later. The health crisis mainly impacted the underwritings of business damages.

Due to the pandemic, AXA can no longer meet the objectives set out in the “Ambition 2020” strategic plan.

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