Crisis hits Q3 figures at European finance

PARIS/AMSTERDAM (Reuters) - The global financial crisis hit the results of several leading European banks and insurers on Thursday, although commercial insurer RSA (RSA.L) maintained a more upbeat tone in reporting an 11 percent rise in premium income.

AXA (AXAF.PA), Europe's biggest insurer by market capitalisation, posted a 0.9 percent fall in sales in the first nine months of the year, with revenue affected by outflows at its asset management division due to the market turmoil.

While AXA managed to stay profitable, other European firms could not avoid posting losses due to the turmoil.

Dutch insurer Aegon (AEGN.AS) suffered a third-quarter net loss of 329 million euros (267 million pounds) while Belgian financial group KBC (KBC.BR) also made a loss of 906 million euros.

Austria's Raiffeisen International bank (RIBH.VI) was also forced to cut its 2008 net profit forecast by 5 percent, despite a better than expected 32 percent rise in its third-quarter result.

Banks and insurers across the globe have been hit by the worst financial crisis in around 80 years, which began when U.S. homeowners started to default on their loans.

However, AXA remained upbeat over its prospects and said it could handle the crisis due to its "strong underlying profitability and cash flows."

"We expect to come out of the current turmoil stronger and better positioned," Chief Executive Henri de Castries said in a statement.

Meanwhile RSA Insurance (RSA.L), the biggest commercial insurer, posted an 11 percent rise in premiums for the first nine months to 4.9 billion pounds and reiterated that it expects to achieve a combined ratio -- costs and claims as a percentage of premiums -- of better than 95 percent this year.