By Olivia Bugault
AXA SA on Tuesday revealed its 2023 strategic plan and set financial targets for the 2021-2023 period.
The new plan revolves around five strategic actions: The expansion of health and protection, the simplification of customer experience, the reinforcement of underwriting performance, boosting AXA's climate initiatives and growing cash flow, the French insurance giant said.
To these purposes, AXA set new financial targets that include health growth revenue of more than 5% in average for the 2020-2023 period and 500 million euros ($596.3 million) in absolute cost reduction by 2023 compared with 2019.
AXA also targets annual underlying earnings per share growth of 3% to 7% on average from 2020 to 2023, and expects EUR5 billion-EUR6 billion of cash upstream per year by 2023 and a solvency II ratio target of roughly 190%.
"Our group is now reshaped to a simpler and more focused organization, closer to its customers and with the right scale across our geographies and preferred segments, Health, Protection and P&C Commercial lines," AXA Chief Executive Officer Thomas Buberl said.
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(END) Dow Jones Newswires