French insurance giant AXA has seen its net income for the first half of 2007 hit E3.2 billion, representing a 16% surge over the E2.7 billion reported for the same period a year ago. The results were boosted by the acquisition of Winterthur, which drove up sales for life and savings products.
The insurer revealed that its life and savings business delivered strong H1 2007 results, with new business volume soaring 28% to almost E3.9 billion, while revenues in its property and casualty business surged 33% to E14.2 billion.
However, the group suffered weather losses from the recent June 2007 floods and storm Kyrill in January 2007, which reached a total of GBP115 million, according to Post Online. As a result, the impact of the two weather events contributed to a decline in the general and health combined ratio from 96.7% for the six-month period in 2006, to 102.4% in H1 2007.
Henri de Castries, chairman of the AXA management board, said: Revenues, underlying and adjusted earnings grew by more than 20% on a reported basis, as a result of continued organic growth and Winterthur contribution. I am convinced that our business model will continue to prove its efficiency, including in a more challenging environment, and I remain confident that we will continue to deliver according to our ambition 2012 plan.