Reinsurance News

COVID-19 shows critical role of re/insurance: AXA CEO Buberl

1st July 2020 - Author: Matt Sheehan

The COVID-19 crisis has highlighted the “critical role” that re/insurance has in protecting societies and driving economic growth, according to Thomas Buberl, Chief Executive Officer (CEO) of AXA.

thomas-buberl-axa-ceoSpeaking alongside the company’s Annual Shareholders’ Meeting in Paris, Buberl said that pandemic would motivate AXA to transform its business practices and focus on supporting human progress.

“As AXA enters a new phase in its history, we wanted to collectively ask ourselves what drives us and why we exist,” Buberl said.

“A company’s economic performance is the foundation for success. But you can’t build a collective journey like AXA’s without putting this economic performance at the service of greater good. An effort in which everyone individually participates,” he continued.

“The Covid-19 crisis has shown that insurance has a critical role to protect societies and drive economic growth. This conviction has become clear to us all in our reflections on our purpose.”

During AXA Shareholders’ Meeting, all resolutions recommended by the Board of Directors were approved.

This included the appointments of Isabel Hudson, Marie-France Tschudin, Antoine Gosset-Grainville and Helen Browne as directors for a four-year term, as well as the re-appointments of Irene Dorner and Angelien Kemna.

Additionally, shareholders approved a payment of a €0.73 dividend per share for the 2019 fiscal year, to be paid on July 9, 2020.

AXA announced last month that it would cut its dividend almost in half, from €1.43 per share to €0.73 per share, due to the challenges of COVID-19.

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