Axa Launches Buyback After Rise in Net Profit

By Helena Smolak

Axa launched a new share buyback and raised its dividend on increased full-year net profit, boosted by higher underlying earnings and net realized capital gains.

The French insurer said Thursday that its 2023 net profit rose to 7.19 billion euros ($7.78 billion) from EUR5.06 billion in 2022, a figure that was restated after a change in accounting standards adopted on Jan. 1.

Axa's net profit missed analysts' expectations of EUR7.46 billion, according to a consensus provided by Factset.

Underlying earnings rose to EUR7.6 billion from EUR6.08 billion, buoyed by a strong operational performance in its property-and-casualty business and fully-owned American subsidiary AXA XL, the company said.

Gross revenues climbed 3% to EUR102.74 billion, driven by its property-and-casualty segment, although this was partly offset by tumbling reinsurance revenue as the company pursued its strategy of reducing its natural-catastrophe exposure.

The Paris-based company launched a share-buyback program of up to EUR1.6 billion and declared a dividend of EUR1.98 per share, up 16% on year.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

February 22, 2024 01:24 ET (06:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.