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Financials

Insurer AXA to cut proposed dividend payout

PARIS, June 3 (Reuters) - French insurer AXA plans to cut its dividend to 0.73 euros per share from a planned payout of 1.43 euros, the firm said on Wednesday, in order to preserve cash amid the coronavirus pandemic.

AXA added that it could consider proposing an additional fourth-quarter shareholder payment, of up to 0.70 euros per share, if financial market conditions improved.

Last month, AXA said the coronavirus crisis would have a material impact on its 2020 earnings and it could face claims of about 500 million euros ($560 million) for event cancellations. ($1=0.8928 euros) (Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)

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