AXA Revenue Nearly Flat in 1Q

French insurer AXA SA (CS.FR) said Wednesday revenue was nearly flat in the first quarter as a strong asset management and property and casualty business offset lower life and savings revenue.

Europe's second-largest insurer by market value said revenue declined 0.1% to 31.6 billion euros ($34.4 billion) from EUR31.7 billion a year earlier.

Analysts had expected the French insurer to report EUR32.47 billion in revenue in the first quarter, according to data provider FactSet.

Life and savings annual premium equivalent, known as APE, was up 1% at the end of March. APE measures new business growth for life insurance by combining the value of payments on new regular premium policies, and 10% of the value of payments made on one-time, single-premium products.

The company said its solvency ratio--a key measure of an insurance company's financial strength--stood at 196% at the end of March, down from 197% in December.

-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

(END) Dow Jones Newswires

May 10, 2017 01:24 ET (05:24 GMT)