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Allianz SE (ALV.DE)

XETRA - XETRA Delayed price. Currency in EUR
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208.30+5.90 (+2.92%)
At close: 05:40PM CET
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  • Reuters

    AXA lifts 2023 targets as full-year earnings miss expectations

    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 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.