February 21, 2019 / 6:21 AM / 7 months ago

Insurer AXA reports lower 2018 net profit after IPO costs and natural disasters

PARIS, Feb 21 (Reuters) - AXA, Europe’s second-biggest insurer, said on Thursday that its 2018 net profit fell from a year ago as a result of charges related to its U.S. unit’s initial public offering (IPO) and the impact of a spate of natural disasters.

Net profit fell 66 percent from a year earlier to 2.14 billion euros ($2.42 billion), below the 2.47 billion expected by analysts polled by Infront Data for Reuters.

Natural disasters cost AXA about 2 billion euros in 2018, of which 600 million euros corresponded to hurricane Michael in the U.S. and wildfires in California during the fourth quarter.

$1 = 0.8827 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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