PARIS (Reuters) - French insurer AXA’s overall first quarter revenues rose faster than expected thanks to the contribution of recently acquired Bermuda-based insurer XL, as well as favorable currency swings.
AXA booked 34.95 billion euros ($39 billion) in revenue during the quarter, 14 percent higher than in the same period a year ago. Analysts polled by Infront Data for Reuters expected revenues of 32.87 billion euros.
Excluding the effects of currency swings and the contribution of XL, AXA’s revenues during the quarter rose 2.7 percent, Chief Financial Officer Gerald Harlin told reporters.
Under Chief Executive Thomas Buberl, AXA - the second largest European insurer after Germany’s Allianz - is undergoing a deep restructuring.
The restructuring plan is aimed at making AXA stronger on insurance businesses related to health, property and damages, and less dependent on life insurance.
Reporting by Inti Landauro; Editing by Sudip Kar-Gupta