AXA Expects €1.2B Virus Hit, Halves Dividend Amid Pressure

Law360, London (June 3, 2020, 1:53 PM BST) -- French insurer AXA said Wednesday that it predicts a €1.2 billion ($1.3 billion) hit to its 2020 earnings from coronavirus-related claims, as it proposed halving its dividend amid pressure from regulators to redirect cash to protecting policyholders and absorbing losses.

Paris-headquartered AXA SA said that it expects to pay out a total of €1.2 for business interruption, event cancellation and travel insurance policies over 2020. But the insurer said that it expects the hit to be partly offset by reduced claims on motor policies, as countries across the globe remain in partial lockdowns during the COVID-19 pandemic.

The insurer said that...

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