Insurer AXA's revenues were down 2.7 per cent for the first quarter as life sales plummeted compared to last year.
Revenue for the three months was €28 billion compared to €28.85 billion last year.
Chairman Henri de Castries said: "First quarter 2008 top-line performance proved resilient within the context of a turbulent market and evolving regulatory and tax environment in certain countries."
Life sales in the US and the UK declined by 24.6 per cent and 23.2 per cent respectively during the period.
Although there were gains made in south-east Asia and Mediterranean regions, overall sales on an annual premium equivalent (APE) basis dropped 6.2 per cent to €1.94 billion.
A flat contribution from the UK in property and casualty (P&C) also partially offset revenues in this division, although strong performances in other regions helped sales to increase two per cent to €8.86 billion.
The France-based insurer partly blamed a change in capital gains tax for the drop in UK sales and product re-pricing in the US.
AXA said its P&C business should accelerate its growth in the upcoming quarters, confirming the company's positive outlook for 2008.
As insurers' savings products are often invested in equities, the recent market turbulence has impacted earnings and sales for the industry.
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