AXA announces interim 2023 performance

AXA announces interim 2023 performance | Insurance Business New Zealand

Insurance News

AXA announces interim 2023 performance

Drivers of revenue growth outlined

Insurance News

By
Terry Gangcuangco

AXA is the latest to share how it has performed so far this year.

According to the insurer’s activity indicators release, here are the numbers for the first nine months of 2023 in terms of gross written premium and other revenues:

GWP & other revenues

9M 2023

9M 2022

Property & casualty

€41.8 billion

€40 billion

Life & health

€35.7 billion

€36.7 billion

Asset management

€1.2 billion

Total GWP & other revenues

€78.8 billion

€78 billion

Under the P&C segment, commercial and personal lines both saw an increase in premiums while AXA XL reinsurance posted a decline. Life & health, meanwhile, was dragged down by the health business following the non-renewal of two large legacy international group contracts in France.

Commenting on the figures, chief financial officer Alban de Mailly Nesle said: “AXA achieved another very good performance in the first nine months of 2023. Revenue growth remained strong with good momentum in our technical and cash generative lines and across our two commercial and personal pillars.

“In P&C commercial lines, which is our largest business, premiums were up 9% benefiting from good customer demand and disciplined pricing. In P&C personal lines, we saw continued repricing with overall premiums now up 5%.”

The CFO added that AXA’s model continues to deliver strong capital generation and that the company is on track to achieve its earnings outlook target for 2023. At the end of September, the insurer’s Solvency II ratio stood at 230%.

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