PARIS (dpa-AFX) - French Insurance company Axa S.A. (AXAHY.PK) reported that its net income for the first-half of 2024 rose to 4.02 billion euros from last year's 3.83 billion euros, mainly reflecting the increase in underlying earnings and in net realized capital gains, partly offset by impairments linked to Reso Garantia.
Underlying earnings for the period were 4.24 billion euros up from 4.11 billion euros last year.
Gross written premiums & other revenues for the period were 59.87 billion euros up from 55.74 billion euros in the previous year.
The company said it is confident in achieving underlying earnings per share growth in 2024 in line with the 6%-8% CAGR plan target range over the 2023-2026E period.
In a separate press release, AXA announced that it has entered into an exclusive negotiation to sell its asset manager AXA Investment Managers or 'AXA IM' to BNP Paribas for cash proceeds of 5.1 billion euros. In addition, AXA would receive 0.3 billion euros consideration from the sale of Select to AXA IM prior to the closing of the proposed transaction. The total estimated transaction value is expected to be 5.4 billion euros.
Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership under which BNP Paribas would provide investment management services to AXA.
The completion of the transaction is expected to be finalized by the second quarter of 2025.
Separately, AXA announced that it has reached an agreement to acquire Gruppo Nobis. As per the terms of the deal, the upfront consideration for the acquisition will amount to 423 million euros, with a potential earn-out of up to 55 million euros.
The completion of the transaction is expected to take place before the end of first half of 2025.
Nobis is a predominantly Retail P&C insurance company in Italy. It reported 0.5 billion euros of gross written premiums and net income of 35 million euros in 2023.
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