Axa: Sales disappointing first quarter.

The insurer announced a symbolic progression of its turnover. For 2010, it intends to take advantage of the gradual recovery of the economy.

AXA announces a symbolic progression of its turnover in the first quarter and said it expects to take advantage, for the year 2010, the gradual recovery of the economy.
The turnover of the second group of European insurance by market capitalization stood at 27,910 million euros (+1.1% as reported and 0.8% on a comparable basis), a figure lower than the consensus analysts conducted by Reuters editorial (28388000).
"The numbers overall are a bit mixed, but are positive signs for future profitability, with price increases," said one analyst who requested anonymity.
"The damage figures are in line but it is disappointing life in France and the United States," he adds.
In early trade, as Axa lost 4% to 13.025 euros on the Paris Bourse, in a market itself down sharply (-1.4% for the CAC 40).
The value is down 18.5% since January, while the Dow Jones European insurance fell by 6% over the period.
Axa announced in February that gave priority to improving margins in 2010, life as damages, rather than increase its business volume.
He said Thursday stay focused on improving the profitability of its operations.
"The retirement savings business life already shows a strong recovery at the margin on new business," said the CEO of Axa, Henri de Castries said in the statement.
"We have begun to reap the benefits of actions initiated in 2009 and we should take advantage of the expected gradual recovery of the economic environment," he adds.

MARGINS UP ON BUSINESS NEWS:
In life assurance retirement savings, where the collection was positive at 4.0 billion euros, APE remained stable (-0.1% on a comparable basis) to EUR 1.631 million (1.685 million cons expected by analysts).
The strong growth seen in the Mediterranean region and Mexico (70%) was offset by a sharp decline in U.S. (-25.2%), the margin on new business, however, increases of 12.6% is launching a new product "Accumulator", and by that, less pronounced, France (-10.7%) where the margin down 0.3 percentage points.In total, the margin on new business in life insurance rose by 4.9 points to 19.4%.
In the damage, where prices have risen on average by 2%, the activity also remained little changed (-0.1%) 9,243,000 (9,408,000 euros expected), the increase in activity occurred in the activity of individuals was offset by a decline in business.
In asset management, where turnover rose 10% to 809 million euros, the outflow has reached 12 billion, with outflows of $ 5.0 billion at Alliance Bernstein and 7 , 0 billion at Axa IM, largely from its U.S. subsidiary AXA Rosenberg quantitative management, which showed mid-April they had problems of ing.