French insurance and finance company AXA has reported a 1% increase in revenues for 2004, driven by organic growth, better fourth quarter performance and second half sales of its recently acquired subsidiary MONY. The insurer recorded E72.2 billion for full year 2004, compared to E71.6 billion in 2003.
Life & savings revenues increased approximately 6% in the fourth quarter 2004, leading to a 1% growth in full year 2004 to E47.1 billion. The full year revenue growth was mainly supported by continued strong premium increase in France (up 9%) and, as anticipated, a US recovery, with US fourth quarter revenues up 6% compared to both the previous quarter and corresponding period in the previous year.
In the fourth quarter, property & casualty revenues increased by 3% to E17.9 billion, with personal and commercial lines growing 4% and 6%, respectively, as the group continued to attract new clients and favorable pricing persisted in most business lines. This was partly offset by further restructuring in other lines.
Asset management revenues increased by 14% to E3.1 billion in Q4, benefiting from higher average assets under management. International Insurance revenues were E3.4 billion in Q4, declining by 6% as AXA RE reduced its revenues by 15%, in line with its strategic repositioning implemented in 2002.
As expected, our competitive product offering and the expansion of the distribution platform have contributed to our growth momentum in the fourth quarter of 2004, said AXA CEO Henri de Castries. Our P&C and asset management revenues growth are in line with our long term targets, and we are particularly pleased with the strong asset management net inflows.