NU Online News Service, Nov. 13, 6:23 p.m. – The AXA Group, Paris, is reporting the equivalent of $50 billion in revenue for the first three quarters, down 15% from revenue of $58 billion for the first three quarters of 2000.
The figures are based on an exchange rate of $1=1.12 euros for the 2001 figures, and of $1=1.06 for the 2000 figures.
AXA sells life insurance, investment products, property-casualty insurance, banking services and other products and services throughout the world.
Because AXA follows European accounting conventions rather than U.S. accounting conventions, it has not provided net income figures for the third quarter.
But the company reports that its North American life insurance and savings unit brought in only $7.6 billion in revenue for the first three quarters, down 17% from revenue of $9.1 billion for the comparable period in 2000.
AXA did not provide separate third-quarter figures, but subtracting first-half figures from figures for the first three quarters suggests total company revenue fell 25%, to $15 billion, while revenue for North American life and savings .fell 27%, to $2.2 billion.
AXA has tried to overcome the weakness in the North American life and savings market by adding a fixed annuity, the company says.
Although variable annuity premium revenue is down, AXA continues to maintain its share of new variable annuity sales in the North American market, the company says.