AXA, Europe's second-biggest insurer, has warned today of a hit to its 2020 results as a result of the Covid-19 pandemic but hoped a new strategic plan would improve results further down the line.
AXA said it hoped to have underlying earnings per share on a compound annual growth rate of 3-7% between 2020-2023.
It is also expecting an underlying return on equity between 13-15% over the same period.
"AXA's earnings are expected to be materially adversely impacted in 2020 in the context of Covid-19, as previously communicated. At the same time, 2020 has shown the relevance of AXA's strategic vision, its solidity, and the tremendous engagement of our people and partners," its chief executive Thomas Buberl said.
Axa did not give detailed projections for its 2020 performance.
It said it sees revenues in its health business in Europe growing by 5% at least a year between 2020 and 2023.
In recent years, the group has left markets where it lacks scale as part of a deep restructuring to cope with a negative interest rate environment.
The company said this week that it had agreed to sell its insurance businesses in the Gulf region to Gulf Insurance Group (GIG) for $269m.
