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Insurer AXA drops 2020 earnings guidance, will not make…

PARIS, Aug 6 – French insurer AXA dropped its 2020 earnings target and added it would not make additional payouts to shareholders in the fourth quarter following a 40% decline in first-half net income.

AXA, the second-largest European insurer after Allianz , said net profit fell to 1.43 billion euros ($1.70 billion) from 2.33 billion during the same period a year ago. AXA’s overall revenues fell by 10% to 52.4 billion euros.

($1 = 0.8418 euros) (Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta)

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