NU Online News Service, Feb. 27, 4:28 p.m. – AXA S.A., Paris, is reporting the equivalent of $995 million in net income for 2002 on $78 billion in revenue, up from $461 million on $66 billion in revenue for 2001.
The company’s life insurance unit generated $1.7 billion in operating earnings for the year on $51 billion in revenue, up from $1.5 billion in operating earnings on $43 billion in revenue.
Operating earnings at the U.S. life unit increased to $1.7 billion, from $1.5 billion.
When stated in U.S. dollars, AXA’s earnings benefit from a sharp increase in the strength of the euro relative to the dollar.
At home, AXA is reporting 949 million euros in net income for the year on 75 billion euros in revenue, compared with 520 million euros in net income on 75 billion euros in revenue for 2001.
Net income for 2002 includes the equivalent of $251 million in losses on investments sold or written-off during the year, AXA says.
The euro value of investment margins, fees and revenues fell in most countries because of the stock-market slump, but they rose in dollar terms in some countries because of the weakness of the dollar.
The conversions here are based on an exchange rate of $1=1.0481 euros for the 2002 results, and an exchange rate of $1=0.8858 euros for the 2001 results, using figures published by OANDA Corp., New York.