French insurer AXA announced a new share buyback programme as it posted a 3% rise in first-half net profit, driving up its stock price.
AXA, Europe’s second-biggest insurer behind Germany’s Allianz , said it would buy back up to 1 billion euros ($1 billion) worth of its shares; echoing a similar buyback plan unveiled by rival Generali (GASI.MI) this week.
The buyback pleased analysts and caused AXA’s shares to jump up by around 5% in early session trading.
AXA, earned 4.1 billion euros compared to 3.99 billion a year earlier.
The global insurance industry faces hefty claims as a result of Russia’s invasion of Ukraine. But, AXA expressed confidence over meeting its 2023 strategic growth targets.
“We are very confident in our ability to reach the big targets of our ‘driving progress 2023’ strategic plans,” said deputy chief executive Frédéric de Courtois.