(Reuters) – French insurance company Axa SA announced the launch of a share buyback program for up to 1.7 billion euros ($ 2 billion) on Thursday, saying it plans a new one next year.
Europe's second largest insurance company, after German Allianz SE said that the share repurchase to be launched in 2022 would amount to up to EUR 500 million as Axa strives to compensate for profit dilution from divestments of assets.
In a separate statement, Axa reported an increase of 4% in nine-month revenues and said it expected its corporate-focused XL unit to pay around € 400 million in damages due to Hurricane Ida, which hit the United States in August.
CFO Alban de Mailly Nesle told reporters the target of € 1
During the first nine months of the year, Axas' revenues grew by 1% in the real estate and claims business and ch with 8% in the life and savings business.