French insurance giant Axa disclosed a €1.5bn hit from Covid-19 as it cut its forthcoming dividend payment almost in half, saying it had a responsibility to be “prudent” with its finances.
The firm, among the largest insurers in Europe, said in a 3 June statement it had taken the decision after taking note of “recent communications” on dividends from its regulators, the European Insurance and Occupational Pensions Authority, and its French equivalent, the ACPR.
