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AXA reported in-line underlying earnings, reporting €3901m vs consensus €3931m. The miss on net income was driven by goodwill write-down in the US from acquiring AXA’s minority interests. Current year combined ratio improved from 102.6% to 99.6%, partly reflecting price increases and cost reductions. NBV margin rose from 22.3% (FY 2010) to 25.2% owing to an increased Asian mix and resilient margins in more mature markets.
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