Axa Revenue Down 2 Percent In 9 Months To Sept

PARIS (AP) — Axa SA said Thursday its revenue slipped 2 percent in the nine months to Sept. 30 after suffering a big drop in its U.S. life insurance and savings business.

Axa, the Paris-headquartered company that controls Axa Equitable Life Insurance Company in New York, said revenue plunged 27 percent in the United States over the first nine months of the year, offsetting an increase in its home market.

In a statement, Axa Chief Executive Henri de Castries blamed "lower consumer confidence following the market and economic turmoil," as well as lower returns attached to some of its savings products, for the fall in U.S. sales.

In France, the company's largest market, revenue in the life and savings division increased 9.3 percent to euro11.6 billion (US$17.15 billion).

Overall, Axa reported revenue for the first nine months of the year of euro68 billion, down from euro69.5 billion a year earlier.

"The outlook in global financial markets has improved over the last six months, which provides a more favorable environment for our business," De Castries said.

Axa shares fell 1 percent to euro17.02 in early morning trading.