PARIS, Feb 24 — French insurer AXA said today it earned record profits in 2021 despite last year being marked by numerous natural disasters as the costs from the Covid-19 pandemic receded.
The €7.3 billion (RM34 billion) in net profit was more than double the amount in 2020.
Revenue rose by three per cent to €99.9 billion.
The historic results came despite a number of natural disasters in 2021, the fourth most costly year since 1970.
“The results prove that we’ve overcome the Covid crisis,” chief executive Thomas Buberl said in a news conference.
A drop in pandemic-related claims helped the bottom line as Covid-19 cost the insurer €1.5 billion in 2020.
The property and casualty division, which is responsible for half of overall revenue, saw a three-per cent increase as it was able to raise premium costs on policies sold to businesses.
The increase in premiums was also visible at AXA XL, its reinsurance business in the United States.
The firm announced a €500-million share buyback, which follows a €1.7-billion buyback in November.
AXA’s board proposed a dividend of €1.54 per share, an eight-per cent increase from 2020.
AXA’s share price was down 3.7 per cent in morning trading, while the Paris CAC 40 index fell 3.3 per cent overall. — AFP