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AXA's (AXAHF) CEO Gérald Harlin on Q1 2018 Results - Earnings Call Transcript

May 06, 2018 10:37 AM ETAXA SA (AXAHF)
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AXA (OTCQX:AXAHF) Q1 2018 Earnings Conference Call May 4, 2018 3:00 AM ET


Andrew Wallace – Andrew Wallace-Barnett

Gérald Harlin – Chief Executive Officer


Peter Eliot – Kepler Cheuvreux

Farooq Hanif – Farooq Hanif

Andrew Sinclair – Bank of America Merrill Lynch

Nick Holmes – Societe Generale

Oliver Steel – Deutsche Bank

Andrew Crean – Autonomous

Michael Huttner – JP Morgan

James Shuck – Citi

Colm Kelly – UBS

Johnny Vo – Goldman Sachs

Pierre Chedeville – Credit Suisse CC Market Solutions

Mark Cathcart – Jefferies

Andrew Wallace-Barnett

Okay, good morning everybody. This is Andrew. Welcome to the AXA Conference Call on our activity indicators for the First Quarter of 2018. I'm pleased to welcome Gérald Harlin, Deputy CEO and Group CFO of AXA, who will be taking you through the highlights of the first quarter and we are very happy afterwards to take your questions.

Gérald, I hand over to you.

Gérald Harlin

Thank you, Andrew, and good morning to all. Thanks a lot for joining this call. AXA has delivered a strong operating performance in the first quarter of 2018. We are going out of line with total gross revenues growing by 2% at the group level. Our APE up 5% and our NBV was also up 5%. This overall growth was supported by continued focus towards our preferred segment, health revenues were up 7%, with growth in all geographies, protection APE was up 9%, and P&C commercial lines revenues were up 2%. We also reported the solvency to increase of 16 points from full year 2017 to 221%.

Let me now take you into the details of each our geographies and starting first with AXA France. AXA France had an excellent first quarter with revenues increasing by 8%, APE was up 20% from higher sales across product line

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