for the 5th consecutive year
* Interbrand ranking
Stock market trendsinformations
Geographic breakdown of business
(underlying earnings from insurance activities)
- Northern, Central and Eastern Europe
- United States
- Mediterranean and Latin American region
- Asia (excluding Japan)
- International insurance
- United Kingdom and Ireland
- Direct P&C
Breakdown by business line (underlying earnings before tax, excluding holding companies)
- Protection & Health
- Property & Casualty and International Insurance
- Savings and Asset Management (including general account business, unit-linked business and banking)
Revenues were up 2% on a comparable basis, driven by growth in all business lines.
Life & Savings and Property & Casualty both delivered 2% growth and Asset Management 8%.
Underlying earnings increased by 18%, reflecting a balanced business mix and healthy performance in our business lines. Life & Savings was driven by an improved underwriting margin in the United States, Property & Casualty by a decrease in the combined ratio coupled with volume growth, and Asset Management by growth in average assets under management.
Adjusted earnings increased by 20% thanks to growth in underlying earnings and an increase in realized net gains.
Net income rose by 14% on a comparable basis, driven by a good operating performance and active capital management.
2012 was restated retroactively for the amendment to the accounting standard on post-employment benefit obligations.
The Group's equity base remains strong, affected only by the technical impact of interest rate movements in 2013. The Group's solvency ratio remains very high, attesting to AXA's robustness. The debt ratio continues to fall, reaching 24% at December 31, 2013. It meant we had achieved our 25% target, so the Group announced a new target of 23-25% for 2015.
We delivered good results in 2013, with growth in revenues, underlying earnings and operating free cash flows. On this basis, coupled with a robust balance sheet, the Board of Directors is recommending a dividend of 0.81 euros per share, an increase of 13% compared with 2012.