Axa Revenues Decline 4 Percent

French insurer Axa SA saw its revenues for the year so far decline by 4 percent but said in a statement that underlying growth is still strong and the revenue decline will not impede its quest to make additional acquisitions.

Nine-month revenues were down to $62.4 billion from last year’s $65.4 billion through September 2002.

The results were not a surprise to analysts, who had seen the decline coming.

Axa said it was not all bad news. There was “an acceleration of organic growth during the third quarter,” CEO Henrie de Castries said in a statement.