Insurer AXA reported a 17% drop in net profit at 2.33 billion EUR (2.65 billion USD) in the first six months of 2019. The result, which fell short of expectations, was led by the deconsolidation of its U.S. subsidiary AXA Equitable Holdings and the unfavorable derivatives.
The half-year balance sheet of the number two insurance company in Europe showed an 8% increase in turnover 57.9 billion EUR (65.8 billion USD) compared to 53.6 billion EUR (62.4 billion USD). This growth is driven by the sectors: P&C commercial, protection and health insurance.
Since the acquisition in May 2018 of XL, a company specializing in complex risks for large companies, AXA has become the world's leading commercial P&C insurer in terms of premiums. This segment now accounts for 32% of the group's revenues. The combined ratio of non-life activity is 95.1%.
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