Very Strong First Half 2005(1) Performance
2005年9月6日 - 4:46PM
PRニュース・ワイアー (英語)
Underlying Earnings Up 26% to Euro 1.8 Billion PARIS, Sept. 6
/PRNewswire-FirstCall/ -- AXA reported today IFRS underlying
earnings(2) of Euro 1,761 million for the first half of 2005, up a
very strong 26% compared to first half 2004. Underlying earnings
per share reached Euro 0.93, up 21%. IFRS Euro million 1H05 1H04
Change 1H05 per Change share(a) Except per share amounts Reported @
Cst FX Underlying Earnings 1,761 1,398 +26% +28% 0.93 +21% Net
capital gains 370 263 Adjusted Earnings 2,132 1,661 +28% +31% 1.11
+24% Profit or loss on financial assets under Fair Value option and
derivatives 119 -17 Exceptional operations 27 126 Goodwill &
related intangibles -4 -38 Net income, Group share 2,274 1,733 +31%
+33% 1.19 +27% (a) Fully diluted. Weighted average number of fully
diluted shares was 1,960.9m in 1H05 versus 1,930.5m in 1H04.
Following the Supervisory Board meeting on September 21st, AXA will
publish its detailed first half 2005 earnings release, together
with the customary set of documents, on September 22nd at 7:30 am
(Paris time). Two analysts' and investors' conferences will be
held: one in Paris on the afternoon of September 22nd and one in
London on the morning of September 23rd. "The combination of
continued focus on efficiency improvement, organic growth and
opportunistic acquisitions has enabled the Group to deliver another
strong performance in the first half of 2005," said AXA Chief
Executive Officer Henri de Castries. "We believe we are well on
track to deliver strong double digit earnings growth for the full
year 2005 despite the recent weather related events in the US."
Underlying Earnings 1H05 underlying earnings improved by 26% (or
+28% at constant exchange rates) to Euro 1,761 million, driven by
double-digit growth in Life & Savings, Property & Casualty
and Asset Management. IFRS (Euro million) 1H05 1H04 Change Change @
Cst FX Life & Savings 972 815 +19% +22% Property & Casualty
695 578 +21% +21% International Insurance 103 138 -25% -26% Asset
Management 154 123 +25% +30% Other Financial Services &
Holdings -163 -257 -- -- Total Underlying Earnings 1,761 1,398 +26%
+28% Note: For underlying earnings analysis below, changes between
first half 2004 and first half 2005 are presented at constant
exchange rates. Life & Savings underlying earnings increased by
22%, to Euro 972 million, notably driven by fees & revenues and
technical margin, which more than compensated for a continued low
interest rate environment. As expected, the US benefited from Euro
61 million incremental earnings stemming from the MONY acquisition.
Japan's underlying earnings included non recurring elements for a
net total of Euro 47 million of which a positive tax impact (Euro
193 million), reflecting the improvement in recoverability of tax
losses carried forward, partly offset by additional VBI(3) and
DAC(4) amortization due to a change in future investment
assumptions (Euro -136 million). In addition to these elements, the
main contributors to the Life & Savings' strong performance
were France and the US. Property & Casualty underlying earnings
were Euro 695 million, up 21%, due to a 1.0 point improvement in
the combined ratio to 97.5%, together with premium growth, and to a
higher investment income supported by strong cash flows. 1H05
continued to benefit from an improved claims frequency in
individual motor and a low level of large claims, especially in
Property. The main contributors to the P&C improvement were
Germany, France, the UK & Ireland and Canada. International
Insurance underlying earnings were down 25% to Euro 103 million as
AXA RE was impacted by Euro 73 million, gross of tax, of major
losses (notably the Erwin storm) in first half 2005 compared to
none during the same period last year. Asset Management underlying
earnings were Euro 154 million, up 30%, benefiting from higher
average Assets Under Management, fuelled by solid net inflows of
Euro 16 billion, and cost-control. Other Financial Services &
Holdings underlying earnings improved by Euro 91 million to Euro
-163 million, mainly due to a tax benefit at AXA SA (Euro 47
million) and to higher AXA Bank Belgium earnings. Adjusted earnings
1H05 adjusted earnings, the basis for our dividend policy, were up
28% (or +31% at constant exchange rates) to Euro 2,132 million,
driven by the solid underlying earnings performance as well as a
Euro 107 million increase in net capital gains attributable to
shareholders to Euro 370 million principally due to much improved
equity markets, especially in Europe. Net income, Group share 1H05
net income of Euro 2,274 million increased by 31% (or 33% at
constant exchange rates) driven by the increase in adjusted
earnings. The lower impact from exceptional operations was more
than offset by (1) higher profit on financial assets under Fair
Value option and derivatives and (2) the non- recurrence of half
year 2004 goodwill impairment in our P&C operation in the
Netherlands. Shareholders' equity As of June 30, 2005 Shareholders'
Equity was 33 billion, up approximately 14% compared to December
31, 2004, primarily benefiting from the appreciation of financial
markets. About AXA AXA Group is a worldwide leader in financial
protection. AXA's operations are diverse geographically, with major
operations in Western Europe, North America and the Asia/Pacific
area. AXA had Euro 869 billion in assets under management as of
December 31, 2004. For full year 2004, IFRS revenues amounted to
Euro 67 billion and IFRS underlying earnings amounted to Euro 2,640
million. AXA reported total IFRS revenues of Euro 37 billion and
IFRS underlying earnings of Euro 1,761 million for the first half
of 2005. The AXA ordinary share is listed and trades under the
symbol AXA on the Paris Stock Exchange. The AXA American Depository
Share is also listed on the NYSE under the ticker symbol AXA. This
press release is available on the AXA Group web site:
http://www.axa.com/ AXA Investor Relations: Matthieu Andre:
+33.1.40.75.46.85 Caroline Portel: +33.1.40.75.49.84 Sophie
Bourlanges: +33.1.40.75.56.07 Marie-Flore Bachelier:
+33.1.40.75.49.45 Emmanuel Touzeau: +33.1.40.75.49.05 Kevin Molloy:
+1.212.314.2893 AXA Media Relations: Christophe Dufraux:
+33.1.40.75.46.74 Clara Rodrigo: +33.1.40.75.47.22 Rebecca Le
Rouzic: +33.1.40.75.97.35 Mary Taylor: +1.212.314.5845 IMPORTANT
LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-
LOOKING STATEMENTS Certain statements contained herein are
forward-looking statements including, but not limited to,
statements that are predications of or indicate future events,
trends, plans or objectives. Undue reliance should not be placed on
such statements because, by their nature, they are subject to known
and unknown risks and uncertainties and can be affected by other
factors that could cause actual results and AXA's plans and
objectives to differ materially from those expressed or implied in
the forward looking statements (or from past results). These risks
and uncertainties include, without limitation, the risk of future
catastrophic events including possible future terrorist related
incidents, economic and market developments, regulatory actions and
developments, litigations and other proceedings. Please refer to
AXA's Annual Report on Form 20-F and AXA's Document de Reference
for the year ended December 31, 2004, for a description of certain
important factors, risks and uncertainties that may affect AXA's
business. AXA undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new
information, future events or circumstances or otherwise. (1) AXA's
independent auditors have carried out a limited review on AXA's
consolidated first half 2005 net income. AXA's 1H05 earnings have
been prepared in accordance with IFRS and interpretations expected
to be applicable and endorsed by the European Commission for the
year-end closing 2005. (2) Underlying earnings are adjusted
earnings, excluding net capital gains attributable to shareholders.
Adjusted earnings represent net income before the impact of
exceptional operations, goodwill and related intangibles
amortization/impairments, and profit or loss on financial assets
under the fair value option and derivatives. Adjusted and
underlying earnings are non-GAAP measures and as such are not
audited, and they may not be comparable to similarly titled
measures reported by other companies. Management uses these
non-GAAP measures as key indicators of performance in assessing
AXA's various businesses and believes that the presentation of
these measures provides useful and important information to
shareholders and investors as measures of AXA's financial
performance. (3) VBI: Value of Business In force (4) DAC: Deferred
Acquisition Costs DATASOURCE: AXA Group CONTACT: AXA Investor
Relations: Matthieu Andre: +33-1-40-75-46-85, Caroline Portel:
+33-1-40-75-49-84, Sophie Bourlanges: +33-1-40-75-56-07,
Marie-Flore Bachelier: +33-1-40-75-49-45, Emmanuel Touzeau:
+33-1-40-75-49-05, Kevin Molloy: +1-212-314-2893, AXA Media
Relations: Christophe Dufraux: +33-1-40-75-46-74, Clara Rodrigo:
+33-1-40-75-47-22, Rebecca Le Rouzic: +33-1-40-75-97-35, Mary
Taylor: +1-212-314-5845 Web site: http://www.axa.com/
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