UK markets closed
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • FTSE 250

    22,646.08
    -38.76 (-0.17%)
     
  • AIM

    1,182.30
    -6.44 (-0.54%)
     
  • GBP/EUR

    1.1690
    -0.0076 (-0.65%)
     
  • GBP/USD

    1.3235
    -0.0067 (-0.50%)
     
  • BTC-GBP

    37,389.27
    -3,490.14 (-8.54%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • DOW

    34,580.08
    -59.71 (-0.17%)
     
  • CRUDE OIL

    66.22
    -0.28 (-0.42%)
     
  • GOLD FUTURES

    1,783.90
    +21.20 (+1.20%)
     
  • NIKKEI 225

    28,029.57
    +276.20 (+1.00%)
     
  • HANG SENG

    23,766.69
    -22.24 (-0.09%)
     
  • DAX

    15,169.98
    -93.13 (-0.61%)
     
  • CAC 40

    6,765.52
    -30.23 (-0.44%)
     

France's Axa launches $2 billion share buyback, plans another in 2022

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
The logo of French Insurer Axa is seen outside a building in Les Sorinieres near Nantes
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

PARIS (Reuters) - French insurer Axa announced the launch of a share buyback programme for up to 1.7 billion euros ($2 billion) on Thursday and said it was planning another next year.

Europe's second-biggest insurer, after Germany's Allianz, said the share buyback to be launched in 2022 would amount to up to 500 million euros as Axa seeks to compensate for earnings dilution from assets disposals.

In a separate statement, Axa reported a 4% rise in nine-month revenue and said it expected its company-focused XL unit to pay about 400 million euros in claims for damages due to hurricane Ida that hit the United States in August.

Chief Financial Officer Alban de Mailly Nesle told reporters the target of a 1.2 billion euro underlying result for its XL unit this year remained in place.

In the first nine months of the year, Axa's revenue grew by 1% in its property and casualty businesses and by 8% in its life and savings activities.

($1 = 0.8660 euros)

(Reporting by Matthieu Protard; Editing by Edmund Blair and Alexander Smith)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting