NU Online News Service, Nov. 7, 2003, 5:37 p.m. EST – AXA S.A., Paris, says the continuing strength of the euro relative to the U.S. dollar contributed to a drop in revenue for the first three quarters.
The company is reporting the equivalent of $63 billion in revenue for the period, up from $58 billion in revenue for the first three quarters of 2002.
Back home, the company is reporting 55 billion euros in revenue for the period, down from 57 million euros in revenue for the comparable period in 2002.
The conversions here use an exchange rate of $1=0.86252 euros for the 2003 results, and an exchange rate of $1=0.98102 euros for the 2002 results. The exchange rates come from OANDA Corp., New York.
The drop in the value of dollar between Sept. 30, 2002, and Sept. 30, 2003, has cut the euro value of the dollar about 12%.
In the United States, the U.S. life and savings businesses generated $13 billion in revenue for the first three quarters, up from $9.4 billion in revenue for the comparable period in 2002.
Detailed results for the third quarter were not immediately available, but AXA says variable annuity sales increased 90% between the third quarter of 2002 and the third quarter of 2003, to $3.2 billion.