PARIS, May 4 (Reuters) - French insurer Axa SA on
Tuesday reported a 3% drop in revenue in the first quarter of
the year and confirmed the 2021 guidance for its company-focused
insurance unit XL which was badly hit last year by the pandemic.
Europe's second-biggest insurer behind German Allianz
said revenue was down 4% in property and casualties
insurance and down 4% in life insurance and savings.
Axa said in a statement that Axa XL, which provides
insurance for companies, was on track to reach its 1.2 billion
euros ($1.44 billion) underlying result target in 2021 after the
unit posted an 1.4 billion euros loss last year.
"The price increase is very strong", Axa Chief Financial
Officer Etienne Bouas-Laurent told reporters when asked about
the XL unit.
($1 = 0.8321 euro)
(Reporting by Matthieu Protard; editing by Jonathan Oatis)