PARIS, May 5 (Reuters) - French insurer AXA said on Tuesday that the coronavirus crisis would have a “material” impact on its 2020 earnings, although the claims it received in March in relation to the Covid-19 outbreak were limited.
Axa’s solvency II ratio - a measure of its capital strength under the EU risk-measurement rules for insurers - stood at 182% at end-March, down 16 percentage points versus end-2019, driven by unfavorable market conditions.
The company’s first quarter revenue was down 9% on a reported basis and up 4% on a comparable basis.
Insurers worldwide have been struggling to work out the potential losses from the health crisis, as customers file claims across numerous policy types, from workers compensation to events cancellation to broader commercial liabilities. (Reporting by Maya Nikolaeva, Editing by Sarah White)