AXA CEO confident of XL business after loss in first half due to Covid

The CEO of AXA on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in Covid-19-related claims.

AXA bought Bermuda-based XL in 2018 in a $15 billion deal to broaden its range of businesses, but in February this year lowered its 2020 profit guidance for the division, which focuses on offering property damage insurance to companies and other specialised insurance.

In the first half, XL reported a 0.8 billion euro loss versus 0.5 billion euros earnings a year ago, AXA's results presentation showed on Thursday, as