HVRRF - AXA Estimates EUR 400 Million Loss From European Floods After Reinsurance
- AXA Group reported higher revenues across its business, driven by improving pricing and market conditions, with its AXA XL business on track for its targeted earnings for the year, but also gave an early estimate of exposure to recent European flooding.
- AXA said that its commercial lines revenues were up by 6%, which was mostly driven by the favourable pricing achieved by its AXA XL unit.
- AXA said that it estimates its losses from the floods that hit Germany, Belgium, and other parts of Western and Central Europe will be around EUR 400 million, which is reported before tax and net of expected reinsurance recoveries.
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AXA Estimates EUR 400 Million Loss From European Floods, After Reinsurance