French insurer AXA posted lower-than-expected full-year earnings on Thursday as the rise in interest rates weighed on the valuation of its bond assets but raised its 2023 targets.
The logo of French Insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane MaheAnnounces 1.1 billion-euro share bay-back programposted lower-than-expected full-year earnings on Thursday as the rise in interest rates weighed on the valuation of its bond assets but raised its 2023 targets.said net income fell by 8% year-on-year to 6.7 billion euros in 2022.
This missed the 7.22 billion-euro consensus of 15 analyst estimates compiled by Refinitiv. Gross revenues over the year were up 2% to 102.3 billion euros, in line with the Refinitiv analyst consensus estimate. "The year 2022 was marked by major political and economic events -- the war in Ukraine, the energy crisis, inflation -- all of which have made the environment difficult and uncertain," said Frederic de Courtois, the deputy chief executive, in a call with journalists.
The Paris-based company said the fall in value of its bond assets cut 482 million euros from its net income last year, as a general rise in interest rates hit the valuation of the company's bond assets, whose prices decline when interest rates rise.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Isle of Man treasury minister's budget boosts health and educationAlex Allinson's inaugural financial plan outlines £1.2bn of government spending in 2023-24.
Leer más »
Justin Moore remains the big question mark when analyzing Villanova’s 2023-24 roster outlookDaily News | Justin Moore remains the big question mark when analyzing Villanova’s 2023-24 roster outlook
Leer más »
Burberry RTW Fall 2023Daniel Lee heard the call of the wild for his Burberry debut, which was bristling with faux fur, more trapper hats than Davy Crockett could have dreamed of, and a garden of rose prints and embellishments.
Leer más »
Roland-Garros eSeries Announces 2023 Tennis Clash TournamentTennisClash players have an all-new tournament to take part in, as the Roland-Garros eSeries for 2023, with signups starting today. esports
Leer más »
Bregman's Breggy Bomb partners with rodeo cook-off title sponsorBreggy Bomb is partnering with a rodeo cook-off tent. Alex Bregman can't be there, so Paul Wall will
Leer más »