PARIS (Reuters) – French insurer Axa posted a 2% revenue increase on Thursday, with strong performance in its casualty and health insurance businesses outweighing weakness in savings.

Europe’s second-largest insurer, after Allianz (ETR), stated that they are confident in reaching their financial targets for 2023 in spite of geopolitical tensions related to the Russia/Ukraine conflict.

Alban De Mailly Nesle, Axa’s chief financial officer, said that “we currently expect the net losses from the crisis akin to an mid-sized natural catastrophe event.” However, he declined to provide more detail.

According to the company, February saw it raise its objectives. The firm expects underlying earnings per stock to increase at the highest end of its range of 3% – 7% between 2023 and 2023. Cumulative cash will also grow to more than its planned 14 billion euros ($14.71 trillion) in 2021-2023.

De Mailly Nesle stated that it was too soon to give precise guidance on the effects of war on earnings, as the insurance company stopped writing new business.

($1 = 0.9520 euros)