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France’s Axa launches $2 billion share buyback, plans another in 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A building is seen near Nantes in France with the logo of French Insurance Company Axa on May 4, 2021. REUTERS/Stephane Mahe

PARIS (Reuters), – French insurance company Axa has launched a share purchase program for as high as 1.7 billion Euros ($2 billion). It also stated that it is planning to launch another one next year.

Axa is seeking to make up for losses from the disposal of assets by launching a share buyback in 2022. It’s Europe’s second largest insurer.

Axa also reported a 4% increase in its nine-month revenues and stated that it expects its company-focused XL unit, to cover approximately 400 million Euros in damages claims due to Hurricane Ida which struck the United States in August.

Alban De Mailly Nesle, chief financial officer of XL said that it still aims to achieve a 1.2 million euro underlying result.

Axa saw its revenue grow by 1% for its casualty and property businesses, and by 8% for its savings and life activities in the first nine months.

($1 = 0.8660 euros)

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