AXA Equitable Posts Strong Buffer Annuity Sales
November 13, 2018 by Allison Bell
AXA Equitable Holdings Inc. is reporting strong growth in buffer annuity sales and operating earnings for the third quarter.
But the value of derivative contracts the company uses to hedge benefits guarantees fell sharply, and the change in the recorded value of those contracts led the company to post a big net loss for the quarter.
AXA Equitable is reporting a $496 million net loss for the quarter on $1.1 billion in revenue, compared with $10 million in net income on $2.8 billion in revenue for the third quarter of 2017.
Operating income increased to $693 million, from $400 million.
Operating income increased to $434 million, from $326 million, at the individual retirement unit, which is the unit that sells annuities.
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