0753 GMT - AXA's quarterly results saw its ratio for solvency come in ahead of expectations at 222%, Jefferies says in a research note. The French insurer's solvency beat was driven by better-than-expected operating returns on the known seasonality of capital generation, analysts Philip Kett and Derald Goh write. "We expect that this higher-than-expected capital generation is at least partly explained by management's comment that the "natural catastrophe experience... was below the prorated annual budget", they say. An unexpected data point was the price increases for AXA XL Reinsurance in the context of falling prices across the industry, they add. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 31, 2025 03:53 ET (07:53 GMT)

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