PARIS (Reuters) - AXA (PA:AXAF), France's biggest insurer, said on Thursday that its first-quarter revenues had fallen 2.7 percent, pressured by a stronger euro which impacted the value of its sales.
Group revenue fell to around 30.8 billion euros (27.2 billion pounds). AXA derives at least 15 to 20 percent of revenues in U.S. dollars, and the dollar's weakness against the euro means those revenues count for less when converted back into euros.
The euro rose 2.5 percent in the first quarter this year, with the level of the euro/dollar at the end of the first quarter 16 percent higher than the end of Q1 last year. (EUR=)
On a comparable basis factoring in constant exchange rates, AXA's revenues were up by 2.2 percent, helped by a stronger growth in life and savings and health activities in France.
AXA, Europe's second-biggest insurer by market value behind Allianz (DE:ALVG), could collect more than $5 billion from this month's initial public offering of its U.S. life and asset management arm, ahead of its agreed $15 billion acquisition of XL Group (N:XL).