According to a report by the Associated Press, French insurer Axa SA’s net profit will decrease to 1.2 billion euros (about $1 billion), more than half in 2001, as quoted by Chairman Henri de Castries in the French daily newspaper Le Monde.
De Castries estimated the impact of declining share values on Axa’s bottom line at 1 billion euros ($866 million).
Last December, Axa reported that its net profit would fall to 1.2 billion euros in 2001, a decline from 2.54 billion euros ($2.2 billion) the previous year.
Axa claimed the loss stemmed from rising claims as a result of the Sept. 11 attacks, as well as plummeting share prices.
They will release their full-year earnings March 14.
Topics Carriers Profit Loss France
Was this article valuable?
Here are more articles you may enjoy.
Endless Shrimp Deal Was Scheme to Squeeze Red Lobster, Suit Says 
Viewpoint: Boom in Hyperscale Data Centers Puts Re/Insurers to the Test 
PE-Backed Insurance Broker Hub International Files Confidentially for US IPO 
Mamdani Delivers Rent Freeze in Milestone for New York City Tenants 
