Insurance business grows 2 per cent but falls short of analyst's forecasts
AXA has grown its property and casualty premiums in the first quarter by 2 per cent to E8.89bn, slightly below analyst's forecasts.
The news comes as AXA, the second largest insurer in Europe, reported its sales across its general and life insurance business had fallen by 2.7 per cent to E28bn. The insurer blamed adverse currency conditions and the credit crisis for the decline.
AXA shares fell 2 per cent in the wake of the news.
AXA Chief Executive Henri de Castries said: "Our property and casualty business, up 2 percent, should accelerate its growth in the upcoming quarters confirming our positive outlook for 2008.
"We remain confident in the strength of our business model and continue, in line with our Ambition 2012 program, to invest for our development."
