France’s Axa disappointed investors yesterday, unveiling first-quarter revenue growth that failed to match the upswing at a raft of US, Swiss and German rivals.

Axa, Europe’s second-largest insurer, reported first-quarter revenue rose 1.1 per cent to €27.9 billion, falling short of expectations and sending its shares sharply lower.

Axa said life and savings new business sales on an annual premium equivalent basis – an industry measure used to iron out market volatility – rose 1.6 per cent to €1.63 billion.

Property and casualty insurance sales rose 1.4 per cent.

But new business volumes in Axa’s home market, France, fell 10 per cent on a comparable basis. – (Reuters)